UK commercial property investor Royal London Asset Management Property has partnered with Graftongate to acquire a 24-acre logistics site.
The pair have invested an undisclosed amount to buy the Abbey Works site in Fareham, South England from power management solutions company Eaton.
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.”
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.”
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.”
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