Oxenwood Real Estate and its joint venture partner Alberta Investment Management Corporation (AIMCo) have acquired Hayes Bridge Retail Park in west London for €58.7m (£50m). The 7.8-acre retail park on Uxbridge Road, six minutes from junction 3 of the M4, has been acquired from M7 Real Estate’s Box Plus 2 fund at a net initial yield of 4.37%. It comprises nine units, totalling 104,820ft², let to eight tenants off an average rent of €24.69 (£21.03)/ft² with a weighted average unexpired lease term of 2.73 years. Two of the units are vacant.
Jeremy Bishop, co-founder of Oxenwood, said: “The transaction represents a rare opportunity to acquire a sizeable asset in west London complementing our strategy to assemble a portfolio of well-located, urban assets with medium-term value add and redevelopment potential in our joint venture with AIMCo”.
Rupert Wingfield, AIMCo’s Head of European Real Estate, said: “We are very pleased to have acquired Hayes Bridge Retail Park. The location benefits from excellent road connectivity given its proximity to both the M4 and M40 motorways and is surrounded by densely populated, affluent London boroughs. We are looking forward to working together with Oxenwood over the coming years on this exciting opportunity”.
