Picton has completed its disposal of a warehouse in Lutterworth, Leicestershire, for £15.9m.

The warehouse, 3220 Magna Park, covers 160,000 sq ft and is let to DHL.

Picton restructured the lease to secure a further three terms with an added tenancy break option in December 2022 and elevated the rent by 11% to £1m per year.

Michael Morris, chief executive at Picton, said: “The disposal crystallises the upside created from this asset management initiative during the summer. The proceeds will be recycled in the short term to repay our revolving credit facilities and provide further funding for planned asset enhancement projects.”