Biggest single industrial deal
Koreans swoop again to snap up giant Amazon shed
Korean investors have swooped once more on Scotland’s commercial property market, acquiring the country’s biggest single industrial unit, currently occupied by Amazon.
Knight Frank Investment Management (KFIM) has completed what is also Scotland’s largest ever single-asset industrial development deal.
The unit on the outskirts of Dunfermline serves as an Amazon fulfilment centre, providing 1m sq ft of space that is let to the online retailer until 2031.
Ric Crane, partner at KFIM, said: “This is our fifteenth acquisition for Korean clients, which we are delighted to have acquired off-market. We continue to seek assets with similar investment characteristics in the UK, Ireland and Continental Europe.”
Property Week adds that the deal was brokered by LSH, whose head of, head of industrial & logistics capital markets Alex Carr, added: “This transaction is Scotland’s largest ever single-asset industrial investment deal.
“Not only does it provide our client with a secure income stream from a major global occupier, it is also a significant vote of confidence for the UK’s investment market which has been muted as a result of the coronavirus pandemic.
“KFIM’s acquisition should send strong signals to other potential purchasers looking for opportunities invest.”
Korean investors have been active across the Central Belt, snapping up property at the Gyle, Edinburgh and in Glasgow city centre.