Oxenwood Real Estate has acquired two logistics facilities in a sale-and-leaseback transaction with GXO Logistics, the global logistics company. The two facilities are located in Washington, west of Sunderland, and Ivybridge, east of Plymouth, and have been leased back to GXO Logistics on 10-year leases with break options in the fifth year. They were acquired by Oxenwood for Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda) Ltd.
The 114,441ft² facility in Washington is located on the Wear Industrial Estate, close to junction 64 of the A1(M). It offers 360-degree vehicle circulation, loading access to all four elevations, extensive trailer parking and external storage, and 18 loading doors. Washington is an established industrial location with a wide variety of manufacturing, engineering and logistics occupiers, including Rolls Royce, BAE Systems and Nissan.
The 59,951ft² facility in Ivybridge is located on North Road and benefits from good access to the A38 Devon Expressway. It consists of a detached 1960s’ warehouse, benefitting from access from three elevations of the building and large yard areas on two sides. On the south side of Dartmoor, Ivybridge is a popular distribution location, serving Plymouth and the wider south Devon area with a wide range of occupiers, including Princess Yachts, Langdon Transport and Bandvulc Tyres.
Stewart Little, co-founder and CEO of Oxenwood, said: “These two facilities are well located in strong regional markets. They provide an excellent tenant covenant and secure long-term income”