Shepherd and Wedderburn acts for OLIM Property in £29.5m purchase of Booker warehouses
OLIM Property, the institutional property investment managers, have bought four freehold and one long leasehold wholesale cash and carry warehouses for £29.536m at an average net initial yield of 6.4% for their discretionary pension fund and charity portfolios. The properties are all let to Giant Booker Limited on leases expiring in 2030 with a tenant’s option to break in 2025. The rents total £2.008m (£5.31 per square foot, with a capital value of £78.09 per square foot) with five yearly upward only rent reviews to the higher of open market value and a 2.5% per annum compound increase.
The purchases completed five working days after heads of terms were agreed and solicitors instructed. Shepherd and Wedderburn acted in relation to four of the five purchases.
JLL also acted for the purchaser, with Kimmre and Nabarro for the vendor.