Property News Colliers International completes sale of Edinburgh Hotels

Prologis Park

PRUPIM have sold Prologis Park, Croydon to IM Properties.

The inner M25 distribution park comprises two modern distribution warehouses built in 2002. A 134,000 sq ft warehouse is let to Morgan Stanley for a further 19.75 years (break in 9.75 years) and a 43,000 sq ft warehouse let to UPS for 6.5 years. Morgan Stanley has fitted out their unit as one of their key UK data centres whilst UPS distribute packages thoughout South London from its unit.

The purchase price of £20,675,000 reflected a Net Initial Yield of 6.44%.

Colliers International advised PRUPIM; Jones Lang LaSalle advised IM Properties.