US manager PRP Real Assets has acquired a newly built 459,680sqft distribution centre in Montgomery, Alabama, for $66.5m (β¬58.2m).
PRP Real Assets said it has also agreed to provide an incremental $30m in funding to expand the Hyundai-Mobis Class-A Flagship Redistribution Centre facilityβs footprint by over 240,000sqft.
The distribution centre on a 60-acre site, leased to automotive manufacturer Hyundai for 14 years, operates as the primary redistribution hub for Hyundai, Kia and Genesis aftermarket service parts in the US.
EJ Wislar, managing director of PRP Real Assets mission-critical net lease investments, said: βThe Hyundai-Mobis asset is representative of PRPβs broader mission-critical strategy, acquiring best-in-class assets that serve market-leading, investment-grade tenants with essential operational and production capacity.
βHyundai continues to invest to grow its North American production and logistics network, and the Montgomery, AL asset constitutes a long-term, core asset within that network.β
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