Royal London Asset Management Property has acquired the 97,124m2 Abbey Works site in Fareham, South England, from Eaton.
Royal London Asset Management Property has partnered with Graftongate to acquire the site and act as development managers.
Eaton has been the long-time custodian of Abbey Works and is one of the key employers in the area. The company engages in the manufacturing, repair, and testing of aircraft components for companies such as Boeing and Airbus.
The site is strategically located between Southampton and Portsmouth, offering direct connections to major transport links. Royal London Asset Management Property has acquired the site as part of its expansion into the logistics sector. They are planning to invest in sustainable logistics and advanced manufacturing space in markets with limited supply, and are targeting further opportunities in 2024.
Matthew Barnes, Senior Asset Manager at Royal London Asset Management Property, said: “This acquisition is an important milestone in our strategy to grow Royal London Asset Management Property’s industrial development pipeline. Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it. Eaton is a key employer in Fareham and we also look forward to partnering with them to develop a best-in-class facility, securing their commitment to the area for the long term.”
Matt Price, General Manager of Eaton’s Fuel Systems Business Unit, said: “This deal represents the culmination of years of hard work by the combined Eaton, CBRE, Royal London and Graftongate teams. It is the first step in our plans to redevelop our Fuel Systems business and transform the way we manufacture, deliver, and develop our products to serve our customers. I am excited for all our employees at Titchfield as this represents a significant investment in our future as a leading supplier of aerospace fuel system products.”
Alex Thomason, Director at Graftongate, said: “We are very pleased to have completed our first deal with Royal London Asset Management Property. Abbey Works is an exceptionally well-connected site in a region of the UK where demand for high-quality industrial/logistics and manufacturing accommodation significantly outstrips supply. We’re excited to be delivering a highly sustainable, purpose-built facility for Eaton and will be exploring opportunities to further develop the site.”
Royal London Asset Management Property and Graftongate were represented by DTRE and Pinsent Masons. Eaton was represented by CBRE and Eversheds Sutherland.
Image provided by ING Media. PC: Ariyan Alimadadi, Upperlook
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