Pacific Industrial & Logistics acquires logistics asset at Victoria Road, Leeds, for £2.8m

Pacific Industrial & Logistics has completed the acquisition of a logistics asset at Victoria Road, Seacroft, Leeds for a total consideration of £2.8m, the company announced on Friday.

The specialist UK industrial and logistics REIT said the purchase price offered a primary yield of 6.8% with rent for the site at £5.00 per sq ft inclusive of reversionary potential.

Financed from Pacific's existing resources, following its placing in August 2017, the aquisition was said to be compliant with the company's investment strategy of identifying attractively priced stock with asset management potential.

Commenting on the acquisition, Richard Moffitt, chief executive, said: "The acquisition of this well-located institutional-grade logistics property offers attractive asset management opportunities in line with our investment strategy.

"We remain opportunistically acquisitive, focusing on assets that serve the 'last mile' needs of a diverse tenant base, especially those responding to the challenges of e-commerce and supply chain constraints."