Bridgwater, Somerset, UK: Property investor Slate Asset Management is to acquire the Morrisons’ regional distribution centre in Bridgwater from Aviva Investors.
The centre is a 780,000sq ft site that is fully leased by Morrisons. It is Morrisons’ only distribution site in the Southwest UK. It is critical to Morrisons’ supply chain, operating 24 hours a day, seven days a week to serve nearly 20% of Morrisons’ supermarket locations.
“This property meets all the key criteria we look for in income-generating essential real estate investments,” said Brady Welch, co-founding partner at Slate.
“It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.”
Slate has been an active investor in the European commercial property market since 2016. To date, the firm has transacted on around 1,000 commercial properties in seven countries in the region. Slate’s focus on European essential real estate targets the grocery, pharmacy and food logistics sectors in particular.
