Lismore advise Lothian Pension Fund on the £14.326m acquisition of Titan


Lismore Real Estate Advisors (Lismore) has advised Lothian Pension Fund on the acquisition of a prime logistics warehouse at Eurocentral in North Lanarkshire from Windward Titan Limited.

“Titan” is a prime distribution facility and, at 123,850 sq.ft is one of the largest modern industrial buildings in Scotland. The sale price of £14,326,000 reflects a net initial yield of 5.01% and capital value of £116 per sq ft.

The asset occupies a prominent position within Centralpoint at Eurocentral, Scotland’s premier logistics park. Located within the heart of Scotland’s central belt, Eurocentral provides unrivalled connectivity via the national motorway network and the rail freight terminal. It is home to occupiers such as LIDL, Amazon, Morrison’s, Fedex and Eddie Stobart.

Titan is currently let to The Scottish Ministers (NHS) until 31st January 2031, at a rent of £766,094 per annum reflecting £6.19 per sq.ft.

Simon Cusiter, director of Lismore, said:

“We were delighted to act on behalf of Lothian Pension Fund in relation to the acquisition of Titan.

Eurocentral continues to go from strength to strength, resulting in upwards pressure on rents. The strong fundamentals of the location and sector, coupled with the quality of the asset offer scope for strong performance in the short to medium term.”

The industrial and distribution market in Scotland remains remarkably robust, reflecting occupiers demand for larger “big box” properties, such as Titan. The development pipeline is limited across the central belt of Scotland and further rental growth is anticipated, as supply remains tight.

Nicola Barrett, portfolio manager for LPF added:

It was a pleasure to work with Simon and the Lismore team on this acquisition. We are pleased to have secured the asset for our portfolio and the strong property fundamentals reflect our strategy going forward.”

Lismore Real Estate Advisors advised Lothian Pension Fund whilst MWM Consultants acted on behalf of Windward Titan Limited.


Latest Issue

BDC 314 : Mar 2024