A huge Runcorn logistics facility that is let to DHL Supply Chain has been sold for £27.4m.

The 651,410 sq ft unit at Aston Lane North on the Whitehouse Industrial Estate has been sold to Atlantic Leaf Properties by Oxenwood Catalina, a joint venture between Oxenwood Real Estate and Catalina Holdings. The purchase price reflects a net initial yield of 6.25 per cent.

The recently refurbished unit is let entirely to DHL Supply Chain and operates as a multi-user facility servicing a number of retail-based contracts. The sale follows a successful re-gearing of the occupational lease, extending it to December 2024.

The proceeds from the sale, the first since Oxenwood launched in 2014, will be recycled and reinvested within the sector in further opportunistic purchases.

Stewart Little, joint chief executive of Oxenwood, said: “Since our inception, we have assembled approximately £200m of assets in the logistics sector with a particular focus on active management situations. Runcorn is the first sale we have concluded and demonstrates both our strength in tenant markets, but also the delivery of outperformance to investors.