Mirastar clinches L’Oreal warehouse
Mirastar has acquired L’Oreal UK’s distribution unit on Pilsworth Industrial Estate, React News can reveal.
The KKR-backed developer and asset manager has bought the 88,920 sq ft warehouse near Bury from Aberdeen Standard Investments for around £10m, a yield in the region of 5.5%.
The acquisition is an active asset management play with the beauty company set to move out. As revealed by React News earlier this month, L’Oreal has appointed Colliers International to search for a new 650,000 sq ft national distribution centre in the North West to consolidate its Bury operation and its existing major base in Trafford Park.
The Bury unit sits on a 5.8 acres site and it includes a large yard area and further extension land.
Ekaterina Avdonina, chief executive and co-founder at Mirastar, said: “This is our second acquisition in the UK for the venture with KKR as we accelerate our deployment into the sector since the formation of the JV earlier this year. The Bury asset is superbly located and we look forward to realising our business plan in this supply-constrained market. The venture has high conviction in UK logistics due to favourable supply-demand dynamics and a growing ecommerce market.”
Written by David Hatcher
Read the full story on React News