SEGRO and Aviva Investors’ Airport Property Partnership (APP) , the 50-50 joint venture , has sold the Gatwick International Distribution Centre (‘GIDC’) for £31.0 million to Royal London Asset Management.
GIDC, a 29 unit industrial estate which was largely constructed during the 1980s, is located in Crawley, approximately two miles south of Gatwick Airport. It comprises 20,680 sq m of space and generates £1.4 million of passing rent per annum, with a current vacancy rate of 5.7 per cent. The disposal price, which is in excess of 10 per cent above book value at 31 December 2015, reflects a topped-up net initial yield of 5.3 per cent.
APP retains Gatwick Cargo Centre, the airport’s only on airport cargo facility offering direct airside access.