Sale and leaseback secured for East Midlands hub
Logistics giant DHL has secured an £88 million sale and leaseback with Canadian investor Brookfield for the headlease on budget household and garden retailer Wilko’s 1.25 million ft² logistics campus at Manton Wood, Worksop in Nottinghamshire.
It was only in November last year that DHL bought the headlease on the facility for £48 million providing Wilko with the capital to reinvest in its expansion.
At the time of the Wilko refinancing deal, Jerome Saint-Marc, Wilko Chief Executive, said: “It’s standard business practice to constantly review how we manage our finances. This property deal with DHL represents long-term stability for us and our team members and is the right response to the current market conditions and our priorities.
“We’re making smart choices to trade a business and allow us to continue to invest in our long-term transformational strategy.”
DHL is thought to have agreed a 15-year headlease and the net initial yield for the sale to Brookfield is around 5.75 to 6%.