- 23 September 2019
- Transport / Logistics Services
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.”