In August 2020, the Company entered into a commitment to acquire a six-acre development site at Exeter Gateway, near junction 29 of the M5 motorway, which is conditionally pre-let to DHL and will be its local parcel sorting centre with a low site cover and dual service yards.

This £11.2 million development site is due for practical completion by February 2022. DHL have committed to a 15-year lease with five-yearly upward-only rent reviews. The forward funding represents a discounted entry point at a 5.3% NIY in a location known for its constrained supply of logistics facilities. It will create a prime urban logistics park with the potential to own further warehouses developed on the remaining adjacent land.