Colliers International acted for Aviva Investors has completed the purchase of a new John Lewis distribution facility on Magna Park in Milton Keynes.

Aviva Investor's Lime Property Fund has paid £76.40 million, a yield of 4.90% for the asset, which is to be let to John Lewis for 30 years with inflation linked rent reviews each year.

Renos Booth, Fund Manager at Aviva Investors said: “This acquisition continues the expansion of our activities in the UK industrial and retail warehousing sector and is in line with our strategy of investing in high quality infrastructure assets with attractive yields.”

Gazeley sold the property to Aviva Investors. Nigel Godfrey of Gazeley commented: “This transaction is once again evidence of the continued interest of the major funds in the industrial and logistics sector as it provides a solid long term income stream.”

Jones Lang LaSalle acted on behalf of Gazeley.