CCLA has acquired a 45 acre industrial estate in Mendlesham, Ipswich for the COIF Charities Property Fund from Henley Investments, for £20m, reflecting a net initial yield of 9%.

Mendlesham Industrial Estate is let in its entirety to CEVA Logistics Ltd for a further 17 years at a passing rent of £1.892m per annum subject to annual uplifts of 2.5%pa. CEVA occupy 18 separate warehouse units at the site, totalling 749,000 sq ft.

James Fairweather, Head of Industrial & Logistics at Strutt & Parker, who acted for CCLA said: “Well let distribution facilities let to good covenants have become a staple demand for investors. Mendlesham Industrial Estate’s strong fundamentals combined with a long unexpired lease term and guaranteed rental uplifts made it an attractive addition to CCLA’s portfolio.”

Strutt & Parker acted for CCLA; Henley Investments was represented by DTZ.