Warwickshire based IM Properties has sold an 167,000 sq ft warehouse at Magna Park, Lutterworth to the Local Authorities' Mutual Investment Trust (LAMIT) for £9.188 million.

Currently let to DHL, the sale was brokered by Cushman & Wakefield on behalf of IM Properties with Drivers Jonas Deloitte acting for CCLA Investment Management Limited on behalf of LAMIT. Previous to this, IM Properties oversaw the assignment of the lease from Express Cargo Logistics to DHL shortly after purchasing the property in 2003.

The most successful dedicated distribution centre in Europe, Magna Park is located within the distribution industry's 'Golden Triangle' between junction 20 of the M1, Junction 1 of the M6 and Junction 1 of the M69.  Majority owned by developer Gazeley, the 500 acre scheme is home to leading distribution occupiers including ASDA Walmart, Argos, Costco and TNT.

Tim Wooldridge, managing director for IM Properties commented: "The sale was a strategic decision taken as part of our on-going programme of selectively disposing of assets with short income profiles in order to increase the average weighted unexpired lease terms across our portfolio.

"Magna Park is an extremely popular logistics location and we are delighted to have completed the sale of the property to a buyer whom we have dealt with previously and who consistently performs."

Having had much previous success in the East Midlands, IM Properties is actively seeking further investment opportunities within the region. The company is particularly focussed on identifying investments which offer long term income streams, together with development sites in the logistics sector. 

Established in 1987, IM Properties Plc is one of the UK's largest privately owned property groups with close to £1bn of property owned and under management within the UK, France, Germany and USA, the company's land bank is in excess of 300 acres.