Distribution HQ sold
BrewDog sells ‘Hop Hub’ in £10m-plus leaseback deal
The distribution centre at EuroCentral
BrewDog has sold its global distribution headquarters, known as ‘Hop Hub’, in a leaseback deal valued in excess of £10 million.
Europe’s first fully refrigerated beer warehouse at Eurocentral has been acquired by CBRE Global Investor which will lease the property back to the brewer on a 20-year deal.
The 129,000 sq ft modern distribution unit off the M8 has more than 60 employees.
BrewDog bought the Vertex building last October in a deal with Muse Developments which by that time had invested about £160 million at Eurocentral since 1993 and delivered in excess of 1.5million sq ft of commercial property space.
Tom Stanton at CBRE Global Investors, described his firm’s purchase of the Vertex building as a “unique opportunity” to acquire a modern facility in Scotland’s biggest logistics and distribution location.
“The acquisition is consistent with our continued emphasis on prime real estate in desirable locations and provides a highly attractive, secure long income stream, in line with the fund strategy,” he said.
“The property sits at the heart of BrewDog’s logistics supply chain and we look forward to developing a strong, long-term relationship with them over the coming years.”
Alasdair Steele, head of Scotland commercial at Knight Frank, said: “The deal for Hop Hub underlines the compelling case for well-placed industrial and logistics assets – a large single-let unit with long-dated income underpinned by a strong covenant. These types of assets are relatively rare, but highly sought-after.”
BrewDog was represented by MWM Property Consultants, while Knight Frank acted for CBRE Global Investors.