Scottish Widows Investment Partnership Property Trust has acquired the freehold interest of a prime distribution warehouse located on Swan Valley Park, Northampton for £27.525 mln (EUR 30.84 mln) from PMB Holdings Ltd. The price reflects a net initial yield of 6.73%.

Located adjacent to Junction 15a of the M1 motorway and also to the A43 dual carriageway, the 331,568 sq ft (30,750 m2) facility is let to WM Morrison Supermarkets on a term expiring in 2023. The total passing rent is £1,957,232 per annum equating to a base rent of £5.38 per sq ft.

Jones Lang LaSalle's investment team in Birmingham adviser the purchaser. PMB Holdings Ltd was advised jointly by M3 Agency and Phillips Roth & Co.