Blacksand Company, a Bahrain-based real estate investment firm, has bought supermarket chain Morrisons' regional distribution centre in Bellshill, Glasgow.
The asset comprises 620,090 square feet of warehouse and distribution accommodation on a 41.6-acre site and is a critical component of Morrisons' national supply chain network. It is fully let to WM Morrisons Supermarkets Limited on a lease with 22 years remaining.
Blacksand declined to confirm the vendor but it is understood to be ICG, which bough the warehouse as part of a portfolio of seven Morrisons logistics assets across the UK in a £220 million sale-and- leaseback transaction.
Blacksand said in a LinkedIn post that the acquisition is "fully aligned with [its] strategy of investing in defensive, long-income assets in resilient sectors, supported by strong occupational fundamentals and essential infrastructure".
It added: "The investment provides exposure to the UK logistics sector, which continues to benefit from the structural growth of modern supply chains, food distribution networks and e-commerce activity. The asset's strategic location further enhances the potential for sustainable, long-term value creation."
Ahmed Matar, chief investment officer of Blacksand, said in a statement: "This acquisition represents another significant milestone for Blacksand as we continue to expand our UK real estate portfolio. The asset combines a highly strategic location, secure long-term income, inflation-linked rental growth and a strong covenant through one of the UK's leading food retailers. The scale and operational capabilities of the facility, together with its critical role within Morrisons' national distribution network, reinforce our conviction in the long-term fundamentals of the investment."
Blacksand said the transaction forms part of its continued expansion across the United Kingdom, where the firm has been actively investing across multiple real estate sectors including logistics, offices, purpose-built student accommodation, hospitality and alternative assets.
Savills advised Blacksand.