Oxenwood Real Estate and a Canadian institutional investor have paid £286m (€337m) for a UK logistics portfolio.

The nine logistics assets, known as the Ultrabox portfolio, is spread across the UK and was sold by a joint venture between Lone Star and Anglesea Capital. 

Stewart Little, joint chief executive of London-based Oxenwood, which was founded in 2014 and later backed the following year by Forum Partners, said: “We believe the underlying assets provide an excellent opportunity to deliver further performance over and above the high-quality income streams, and we are very much looking forward to getting started.”

The 3.87m sqft portoflio includes eight leased properties and a vacant unit in the south of the UK.

Annual rent from the portfolio is £16.45m.

The acquisition, part funded by a £151m loan from Wells Fargo, takes Oxenwood’s UK logistics portfolio to £430m.