Thursday, October 16, 2014

News: Maplin's Rotherham HQ sold again

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The Rotherham HQ of electronic retailers Maplin has been bought by investors, the second such transaction in little over a year.

The £15.1m deal is the first by a new UK commercial property joint venture formed by Oxenwood Real Estate and Catalina Holdings, a Bermuda-based reinsurance investment company.

The retailer sells a range of 15,000 products to tech-savvy hobbyists as well as general consumers through a popular website and a network of over 200 retail outlets throughout the UK and Ireland.

Maplin, which was recently sold to Rutland Partners for £85m, moved to a 220,000 sq ft state of the art distribution centre and head office at Manvers in 2008. Originally signed on a 15 year lease from December 2007 a ten year extension was agreed in 2013. The passing rent is £1,006,000 per annum, which reflects a net initial yield of 6.3%.

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In August 2013, the same property was acquired in a £11.5m deal by an unnamed UK investor, now assumed to be the Merseyside Pension Fund, given that they were the vendor in the recent transaction.

Sheffield's Commercial Property Partners represented the Merseyside Pension Fund and had advertised the property with offers sought in excess of £14.6m. CBRE represented Oxenwood Catalina Limited.

Stewart Little, co-founding partner, Oxenwood said: "The acquisition of Maplin's headquarters and distribution centre is the first from a pipeline of transactions across the UK which we are considering for the Joint Venture and represents an excellent seed asset. Despite increasing equity flows into the market, we are encouraged by the range of opportunities we are seeing and we very much look forward to progressing our investment programme."

Maplin website

Images: CPP

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