SEOUL, South Korea--(BUSINESS WIRE)--
DTZ Investors recently acquired Tesco’s Irish Distribution Centre in Dublin, Ireland on behalf of KTB Investment & Securities and KTB Asset Management (KTB). KTB and DTZ Investors were advised by the Capital Markets and Debt & Structured Finance teams of Cushman & Wakefield (NYSE: CWK).
The 788,000-square-foot warehouse is a purpose-built facility and benefits from a lease guaranteed by Tesco plc until 2032 and annual upwards only indexation in line with CPI. Tesco is one of the world’s largest retail and grocery brands and continues to expand in Ireland. The distribution center is essential to their operations providing dry-goods distribution to the entire Tesco portfolio of stores across Ireland.
David Peacock, Associate Director at DTZ Investors said, “This off-market acquisition is an exceptional example of identifying a suitable investment opportunity that meets our client’s investment objectives. The income profile, in terms of length and escalation, and strength of the Tesco plc credit provides for very attractive income investment characteristics. The transaction profile is further enhanced when considered against the backdrop of the very restricted supply of logistics assets of scale in Ireland and the building’s importance to Tesco’s Irish operations.”
Jonghan Kim, Partner, Capital Markets EMEA at Cushman & Wakefield said, “It was a great pleasure working with KTB and DTZ Investors on this off-market transaction. It is another example of Cushman & Wakefield’s Capital Markets teams working together to source long lease off-market assets in Europe on behalf of Korean capital.”
The transaction is DTZ Investors’ third acquisition in 2019 on behalf of South Korean clients, following the successful acquisitions of Main Point Pankràc, Prague ($145 million) and Queens Towers, Amsterdam ($145 million) earlier this year.
The purchaser was also advised by Ashurst LLP, Walkers Global and KPMG.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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For more information, please contact:
Jonghan ‘Jay’ Kim
Partner, Capital Markets EMEA
London, Europe
+44 (0)748 773 5236
Jonghan.Kim@cushwake.com
Hena Park
Director, Marketing & Communications
Seoul, Korea
+82 3708 8883
hena.park@cushwake.com
Source: Cushman & Wakefield