Panattoni, the largest speculative developer of logistics property in the UK, has sold Basildon 117 in a multi-million-pound deal to asset management giant Aberdeen Standard Investments.

The speculative development, which was completed in Q4 2019, was the largest to be built within Basildon in over a decade. Last year saw Swan Housing, one of the UK’s leading modular home builders secure a 15-year lease on the property. They will be making the unit its new headquarters in addition to its existing, adjacent factory, also owned by Aberdeen Standard Investments.

“We are delighted to have concluded the sale of this asset to Aberdeen Standard. We were thrilled when Swan Homes decided to lease this development on a long-term basis to support the growth of their business. Aberdeen Standard’s purchase marks the end of our business plan on this project. We remain highly acquisitive for more development opportunities in the south east,” said James Watson, Development Director for Panattoni.

The sale of the 117,000 sq ft unit by the developer, which completed in January 2021, was sold to Aberdeen Standard Investments in a £23.3 million deal to the investment firm, reflecting a net initial yield of 4.3%.

“We are pleased to have completed the acquisition of Basildon 117 from Panattoni on behalf of South Yorkshire Pension Authority. The industrial unit increases SYPA investment in Basildon where Swan Commercial Services are already an existing tenant. We remain committed to increasing exposure into the industrial sector,” added James McLean, Fund Manager of Aberdeen Standard.

JLL advised Panattoni and Burbage Realty acted for Aberdeen Standard Investments.