A joint venture partnership between Barwood Capital, Barwood Developments and institutional investors advised by J.P. Morgan Asset Management has sold Wellesbourne distribution park to Griffin UK logistics fund for £43.6 mln (approx. €59 mln).
Tenants on the 585,095 ft² (approx. 54,357 m²) distribution park include Aston Martin Lagonda, Amethyst Group and CEVA Logistics.
The Park was acquired in a weak capital market environment with a view to capitalizing on the potential to increase existing site massing and the expectation of improving occupational fundamentals. As part of the business plan, the partners developed a new 228,529 ft² (approx. 21,231 m²) distribution unit for Aston Martin Lagonda, thereby introducing a high-caliber tenant and increasing the lease term across the Park.
J.P. Morgan Asset Management and Barwood also secured planning consent for a new Sainsbury’s Foodstore which is under construction and due to be delivered in March 2015, having been forward sold in a separate transaction during 2014.
Source: J.P. Morgan