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LONDON-Deutsche Property Ventures Fund No 1, managed by Deutsche Property Asset Management Ltd, has sold the freehold investment of Phase 3, Corby Eurohub in Northamptonshire to a private investor for £11.09 million ($18.43 million).

The 33-acre site, which forms part of the Channel Tunnel rail freight distribution centre and includes a pre-delivery inspection facility, is let to Gefco UK until 2021 at an annual rent of £825,000 ($1.37 million). The sale reflects a net initial yield of 7.03%.

Edgerley Simpson Howe & Partners’ Jo Duffield, who advised Deutsche Asset Management on the sale commented: ‘The EU European Transport Policy white paper could have far reaching consequences for the transportation of freight by rail. Corby’s strategic position made this a very attractive investment, which was reflected in the high number of offers that were received.’

Deutsche bought the site in conjunction with developer Kingspark in 1998 for £1.6 million ($2.7 million) with the benefit of a pre-let to Gefco. They spent £6.3m ($10.5 million) on providing parking for 15,000 cars, building a rail lead and the 46,000-sf pre-delivery inspection centre.

Barrs Freer Smith represented the purchaser.

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