AEW Europe has bought the second UK logistics building for its recently-launched value-added fund, European Property Investors Special Opportunities (EPISO).

AEW has paid Standard Life £26.9m for the 449,000 sq ft unit in Central Park, Rugby, which is let to Pearson Shared Services for a further ten years.

Last year, it bought the Bridge in Dartford, which is let to Sainsburys, in its first UK logistics deal.

The price reflects a net initial yield of 9.1% and is the fourth investment overall made by AEW Europe for the EPISO fund since its launch in 2008.

Rob Reiskin, head of investments for AEW Europe, said: ‘This is the second in what we hope will be a series of acquisitions of high-quality distribution buildings bought at historically attractive price levels.’