UK commercial real estate investor Royal London Asset Management Property has acquired the Fradley Park industrial asset in Lichfield, West Midlands, for £197m (€224.4m).
Fradley Park, which comprises 1.65m sqft of warehousing and spans 173 acres, is home to occupiers including DHL, Geodis, Hawkins Logistics, Palletways and Faurecia.
Will Edwards, portfolio fund manager at Royal London Asset Management Property, said: “The purchase of Fradley Park is in line with our strategy of investing at scale into high-quality assets with an attractive occupational supply/demand dynamic that offer the potential for enhanced performance.
“It demonstrates our conviction in the industrial market and complements our recent purchases of development land at Enderby in Leicester and Brackmills in Northampton.”
Matthew Barnes, investment manager at Royal London Asset Management Property, said: “Fradley Park, which will be the largest industrial asset in our portfolio, has strong fundamentals and deliverable opportunities for active asset management and development.
“With the outlook for the Midlands logistics market remaining highly positive, this a timely and strategic addition to our portfolio.”
To read the latest IPE Real Assets magazine click here.
