Oxenwood Real Estate has acquired a multi-let logistics estate near Manchester for €22.3m (£19m). Located by junction 19 of the M60 orbital motorway in Middleton, four miles northeast of Manchester, the 12-acre estate has been acquired from a retained pension fund client of CBRE Capital Advisors by Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.
The estate comprises nine urban logistics buildings and one office building, which total 192,127ft² and are fully let, as well as 1.5 acres of potential development land. It is let to six tenants, including Technical Textures Services, at an average passing rent of €5.24 (£4.46)/ft². The weighted average unexpired lease term is three years.
Jeremy Bishop, co-founder of Oxenwood, said: “This transaction provides the fund with a well-let and reversionary logistics asset in a proven urban logistics location, where occupier demand is very strong. There are value-add opportunities to work with the tenants to regear leases and to develop the excess land”.
