French real assets group AXA IM Alts has bought a 1.9 mln ft2 portfolio of industrial assets from a JV between Goldman Sachs and private UK firm Canmoor.
The acquisition price is £391 mln (€469 mln).
According to the company, the portfolio is of predominantly Grade-A last-mile and regional modern logistics warehouses near prominent motorways and includes nine standing assets and one development, which will be acquired upon completion.
Almost all the assets in the portfolio are fully leased with an average lease length in excess of seven years. AXA IM Alts said it planned to further upgrade the assets and unlock identified portfolio reversion.
Half of the portfolio is located within the UK’s so-called Golden Triangle in the East Midlands, while 16% are in the southeast, with the remainder located in prime Midlands and Manchester markets.
Stuart Carr-Jones, head of UK and Ireland transactions, called the portfolio a ‘unique opportunity to acquire a high-quality and well-let portfolio of scale’ in some of the most strategic UK logistics micro-locations, and in a sector in which we retain our long-held conviction’.
