Swiss Life's £40 million acquisition of Belgrave Logistics Park reflected the value created by Knight Property Group’s development efforts, something that ultimately prompted CoStar's Impact Awards panel of judges to single it out for sale of the year in Scotland.
The transaction reflected a net initial yield of 5.43%, underscoring investor confidence in the park’s strategic location, sustainability credentials and robust tenant mix.
About the project:
Belgrave Logistics Park is a £55 million speculative development by Knight Property with a total area of 261,193 square feet across five buildings.
The deal marks the return of a major global institution to Scotland’s investment market. Developed in 2022 and 2023 to address a shortage of new-build distribution warehousing in the Central Belt, the scheme has secured third-party logistics giant Wincanton, catering supplier Bunzl, flooring distributor Likewise and renewables specialist RES.
What the judges said:
David Kilgour, development director at Drum Property Group, said: "The price achieved rewards the risk the developer has taken in pushing through their vision. Unlike the other [nominees] it represents a well-valued investment rather than taking advantage of a market low point."
Iain Robertson, relationship director at Royal Bank of Scotland, added: "Key impact criteria included its ESG credentials, best-in-class aspects and the challenges overcome to complete the asset and achieve the sale."
They made it happen:
Howard Crawshaw, managing director, James Barrack, founder and chairman, Eddie Higgins, construction project manager all ,Knight Property Group; Simon Cusiter, director, Lismore Real Estate Advisors; Greg Dingwall, senior associate, Pinsent Masons; Knight Property Group; Tracey Menzies, partner, Brodies.