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LONDON-Israeli investor Igal Ahouvi has paid £29 million ($48 million) for a 370,780-sf distribution unit on the Shire Business Park in Worcester. The purchase price reflects a net initial yield of 6.59%.

The unit, which is let to J Sainsbury Distribution, the logistics arm of supermarket chain Sainsbury’s. The lease has 22 years still to run, with a current rent of £2,022,500 ($3.3 million) per annum.

The vendor, a private client of LaSalle Investment Management, was advised by FPDSavills and Barrs Freer Smith advised the purchaser.

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