UK and European real estate investment management firm Oxenwood Real Estate and joint venture partner, Canada's Alberta Investment Management Corporation (AIMCo), have acquired Hayes Bridge Retail Park in west London for £50 mln (€59 mln).
The 7.8-acre retail park on Uxbridge Road has been acquired from M7 Real Estate’s Box Plus 2 fund at a net initial yield of 4.37%. It comprises nine units, totalling 104,820 sq ft (9,750 m2), let to eight tenants with a weighted average unexpired lease term of 2.73 years. Two of the units are vacant.
Jeremy Bishop, co-founder of Oxenwood, said: 'The transaction represents a rare opportunity to acquire a sizeable asset in west London complementing our strategy to assemble a portfolio of well-located, urban assets with medium-term value add and redevelopment potential in our joint venture with AIMCo.'
Oxenwood is being advised by Graftongate, DTRE and Stockford Anderson; M7 Real Estate was advised by Harvey Spack Field and Morgan Williams.
