Oxenwood Real Estate, in a joint venture with a Canadian institutional investor, has completed two logistics real estate transactions in Kent for a combined €64.7m (£57.1m).
The joint venture has sold a unit in Kingsnorth for €33.5m (£29.6m) and reinvested the proceeds in a prime facility at Aylesford for €31.18m (£27.5 m).
The Aylesford acquisition is a 246,250 ft² facility by junction 4 of the M20 at the established New Hythe Business Park, home to major occupiers, including Amazon, DPD, Brake Bros, Menzies Distribution and BT. The facility is let to XPO Supply Chain UK, a third-party logistics provider. It has been acquired from Deutsche Asset Management, which purchased the property in 2008 on behalf of its German institutional real estate fund.
The 267,730 ft² unit, Angle 265, at Kingsnorth is located at London Medway Commercial Park and is let to Wincanton, a third-party logistics provider, for a further four years. The unit, which was acquired by the joint venture in April this year as part of the Ultrabox logistics portfolio, has been sold to Torbay Council.
Jeremy Bishop, co-founder of Oxenwood, said: “The sale of Kingsnorth has generated a very good return for the joint venture. We have simultaneously been able to reinvest the Kingsnorth proceeds in a similar prime unit located nearby, which delivers a higher yield. Aylesford is a very strong logistics location, close to the Channel ports, fulfilling our “port-to-porch” approach to logistics investment”.
