CBRE Global Real Estate Income Fund : Investment Management Acquires Former BT Call Centre, Warrington from Telereal Trillium

CBRE Investment Management has simultaneously exchanged and completed the acquisition of the freehold of an industrial site at 110 Europa Boulevard, Warrington from Telereal Trillium.

The 8.5-acre site is located on the Gemini Business and Trade Park, two miles north-west of Warrington town centre. The property comprises a self-contained 120,360 sq ft warehouse with a separate yard area to the east. It was formerly used as a call centre by BT, but the company handed the site back to Telereal in August 2021, upon its relocation to Birchwood. In September 2021, Telereal Trillium secured full planning permission for a flexible Use Class E (Commercial, Business and Service), B2 (General Industrial) and B8 (Storage and Distribution).

CBRE Investment Management will refurbish the property, with a focus on enhancing its environmental credentials. Planned works include the installation of electric vehicle (EV) charging points and solar panels on the roof; CBRE Investment Management will target a minimum BREEAM rating of 'Very Good'.

The asset is well-located to attract new occupiers. Warrington is a key strategic industrial logistics location between Manchester and Liverpool, and just 1.5 miles from Junction 9 of the M62.

Rob Trevor, Logistics Customer Experience Lead EMEA and Head of Asset Management Logistics UK at CBRE Investment Management, said: "This was an exciting opportunity to acquire a logistics asset in an excellent location. Warrington has seen strong take up and rental growth over the last three years; with limited supply and strong demand for logistics properties, this asset has excellent potential. This was also a chance to transform the asset's ESG credentials. We have seen increasing appetite for space with strong ESG credentials from our logistics customers, and this is set to increase significantly into the future."

Sam Rosenkranz at Telereal Trillium said: "Throughout the planning process, we have worked efficiently with Warrington Borough Council to change the use of the building back to its original industrial use. The property received significant buyer interest, but we believe CBRE Investment Management will bring a good quality product forward to meet the unprecedented demand for warehouse and logistic space in the north-west."

Moriarty and Co advised CBRE Investment Management on the acquisition and the Development Manager is Harlex. Gerald Eve and B8RE acted for Telereal Trillium.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About Telereal Trillium

Telereal Trillium is one of the UK's largest property companies, owning and managing a UK wide portfolio of more than 12,000 properties, valued in excess of £8bn. Operating in property partnerships, investment, development, and strategic land, the company has an enviable track record and customer base of private companies, local authorities and central government departments. Telereal Trillium has frequently won awards for its innovation, service delivery, and sustainability. It is currently developing a number of exciting residential projects across the country. www.telerealtrillium.com