UK real estate investor Oxenwood Real Estate in joint venture with an unnamed Canadian institutional investor has completed two logistics real estate transactions in Kent, UK, for a combined £57.1 mln (€65 mln).
The joint venture has sold a unit in Kingsnorth for £29.6 mln and reinvested the proceeds in a prime facility at Aylesford for £27.5 mln.
The Aylesford acquisition is a 246,250 sq ft (23,000 m2) facility at the established New Hythe business park, home to major occupiers, including Amazon, DPD, Brake Bros, Menzies Distribution and BT.
The facility is let to XPO Supply Chain UK, a third-party logistics provider. It has been acquired from Deutsche Asset Management, which purchased the property in 2008 on behalf of its German institutional real estate fund.
The 267,730 sq ft unit at Kingsnorth is located at London Medway Commercial Park and is let to Wincanton, a third-party logistics provider, for a further four years. The unit, which was acquired by the joint venture in April this year as part of the Ultrabox logistics portfolio, has been sold to Torbay Council.
'The sale of Kingsnorth has generated a very good return for the joint venture,' said Jeremy Bishop, co-founder of Oxenwood. 'We have simultaneously been able to reinvest the Kingsnorth proceeds in a similar prime unit located nearby, which delivers a higher yield. Aylesford is a very strong logistics location, close to the Channel ports, fulfilling our “port-to-porch” approach to logistics investment.'
