Connect Group sale and leaseback of parcel depots

Logistics and parcel delivery company Connect Group has sold six parcel distribution depots to the real estate investment trust (REIT) Urban Logistics for £9.9 million.

Under the deal, the portfolio is being leased back to parcel delivery firm and subsidiary of Connect Group, Tuffnells Parcels Express for 20 years. Tuffnells is a B2B delivery firm specialising in moving goods of irregular dimensions and weights.

Connect Group chief executive Jos Opdeweegh, said: “The sale and leaseback of this tranche of properties is another step in our strategic plan and ambition to reduce the group’s net debt position.”

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