Oxenwood Real Estate, the UK real estate investor, in joint venture with a Canadian institutional investor has completed the acquisition of a portfolio of prime logistics properties in the UK for ca. €336.4 (£286m).
The Ultrabox portfolio comprises nine logistics assets, totalling 3.87m ft², located across the UK. The buildings are modern, well specified, well let and in established locations. The passing rent from eight of the nine properties that are occupied is ca. €19.35m (£16.45m) a year, equating to an average of €5.49/ft².
The vendor was a joint venture between Lone Star and Anglesea Capital. The acquisition increases the size of Oxenwood’s UK logistics portfolio to €505m (£430m). The transaction was part funded by a ca. €178m (£151m) loan from Wells Fargo.
The eight occupied assets in the portfolio are:
* Angle 325 in Derby (327,380 ft²), which was completed in 2016
* Citadel Logistics Centre in Wolverhampton (324,310 ft²)
* Fraser Place, Unit C Electric Park, Trafford Park, Manchester (331,965 ft²)
* Angle 265 in London Medway (267,700 ft²), which was completed in 2016
* Big Foot, Royal Oak Industrial Estate, in Daventry (989,900 ft²)
* High Roller, Gloucester Business Park (257,890 ft²)
* Jersey Marine Distribution Centre, Swansea (820,260 ft²)
* Big Berry, Berry Hill Industrial Estate, in Droitwich (202,325 ft²)
Jeremy Bishop, Joint Chief Executive of Oxenwood, said: “We are delighted to have completed this substantial UK logistics real estate investment transaction in a very competitive environment. With the increased backing of our investment partners, we continue to have substantial firepower to support our growth. Presently this will continue to be focussed on the UK logistics sector”.
Stewart Little, Joint Chief Executive of Oxenwood, commented: "The purchase of the Ulltrabox portfolio represents a significant step forward for the business and further demonstrates our ability to deliver attractive investment opportunities in joint venture. We believe the underlying assets provide an excellent opportunity to deliver further performance over and above the high-quality income streams, and we are very much looking forward to getting started”.
