NFU Mutual has agreed to dispose of 8 logistics assets in a £234m deal with Barings.

In total it covers 1,477,431 sq ft of space – with assets in the Midlands, South West, South East and North West.

Fully let, the tenant base is diversified, with the likes of e-commerce, manufacturing and freight brands taking up space. These include HelloFresh at Central M40 Banbury, two units let to GKN at Avonmouth, Rolls-Royce at Sherwood Park Nottingham, Eddie Stobart at DIRFT Daventry, Eurocell at South Normanton, Countryside Properties at Warrington and the recently developed Deichmann distribution unit at Centrix Park Corby.

The deal was struck as part of a pan-European strategy to acquire core real estate.

Darren Hutchinson, managing director and head of UK real estate transactions at Barings, said: “As one of our preferred investment sectors, alongside offices and residential, we are always keen to explore opportunities in the logistics space.

“Having grown our logistics portfolio over the past few years, this acquisition of prime assets in excellent locations, with an impressive and diversified tenant mix, significantly enhances our reach in the market.”

Jon Brice, fund manager at NFU Mutual, added: “The transaction represents a continuation of NFU Mutual’s industrial strategy. I would like to thank all those involved in this transaction, in particular the teams at Burbage Realty, Knight Frank, Hollis, PSK and Gowlings.”

Barings was represented by Acre and CMS. NFU Mutual was advised by Burbage Realty, Knight Frank and Gowlings.