UK-focused investor Oxenwood Real Estate has acquired a prime logistics facility in the north-west of England from Curzon Advisers for £8.2 mln (€9.6 mln).
The property, Transpennine 200 in Heywood, Greater Manchester, has been acquired by Oxenwood on behalf of Oxenwood Catalina, its joint venture with Catalina Holdings. The net initial yield is 7.38%.
'We continue to seek assets that are well located and of strategic importance to their occupiers. The purchase in Heywood demonstrates both these components and we will work with the tenant to meet their longer-term occupational needs,' commented Stewart Little, joint chief executive of Oxenwood. 'In the meantime, our investors will benefit from a strong income return from a government tenant.'
The purchase follows the acquisition in December 2016 of two prime logistics facilities in Sheffield and Burton-upon-Trent for a combined £26 mln.
'With the backing of our investment partners, we have substantial firepower and a pipeline of attractive opportunities,' concluded Little.
Oxenwood was advised by DTRE and Curzon Advisers by Lewis Ellis.
