Roebuck Asset Management, the UK subsidiary of Bahrain-based GFH Financial Group, has concluded the off-market sale of a Tesco distribution centre in the UK for US$135 million.
The 540,000 sq ft warehouse, based in Avonmouth, was developed by Tesco in 2012 and currently serves more than 400 supermarkets and stores across the South west of England South of Wales region.
The asset was acquired in 2017 on behalf of a consortium of Korean institutional investors and Canadian firm Capstone Asset Management.
The Tesco asset is the second logistics site in the Avonmouth area to be sold by Roebuck, following the 2021 sale of the Accolade Wines, Avonmouth warehouse.
“It was fantastic to work with Capstone on another successful investment and the intention is to hopefully find new projects to work on together,” said Roebuck managing partner Hugh Brown. “Roebuck is actively pursuing opportunities to recycle capital from these sales for either UK and European logistics assets,” he added.
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