UK real estate investor Oxenwood Real Estate has acquired a portfolio of prime logistics properties in the UK for £286 mln (€337 mln) in a joint venture with a Canadian institutional investor.
The identity of the Canadian investor was not disclosed, but is believed to be Alberta Investment Management Corp (AIMCO).
The vendor was a joint venture between US private equity group Lone Star and Anglesea Capital.
The Ultrabox portfolio comprises nine logistics assets, totalling 3.87 million sq ft (around 36,000 m2), located across the UK. The passing rent from eight of the nine properties that are occupied is £16.45 mln a year, equating to an average of £4.67/sq ft.
Oxenwood said the acquisition increases the size of its UK logistics portfolio to £430 mln. The transaction was part funded by a £151 mln loan from Wells Fargo.
The eight occupied assets in the portfolio are:
- Angle 325 in Derby (327,380 sq ft), which was completed in 2016
- Citadel Logistics Centre in Wolverhampton (324,310 sq ft)
- Fraser Place, Unit C Electric Park, Trafford Park, Manchester (331,965 sq ft)
- Angle 265 in London Medway (267,700 sq ft), which was completed in 2016
- Big Foot, Royal Oak Industrial Estate, in Daventry (989,900 sq ft)
- High Roller, Gloucester Business Park (257,890 sq ft)
- Jersey Marine Distribution Centre, Swansea (820,260 sq ft)
- Big Berry, Berry Hill Industrial Estate, in Droitwich (202,325 sq ft)
The vacant unit is Angle 340 in Andover, which was completed in 2016 and comprises 336,800 sq ft.
Oxenwood was advised by M1 Agency and JLL and the vendor by DTRE.
AIMCO is no newcomer to the UK. In early 2013 the Canadian company took part in a cross-border consortium to buy the BBC Television Centre in London for €58 mln.
