Royal London Asset Management Property has acquired the 24-acre Abbey Works site in Fareham, South England, from Eaton for an undisclosed amount.
Royal London Asset Management Property has partnered with Graftongate to acquire the site and act as development managers.
Eaton engages in the manufacturing, repair, and testing of aircraft components for companies such as Boeing and Airbus.
The site is ideally positioned for traditional logistics and e-commerce operators, as well as advanced manufacturers. Located midway between Southampton and Portsmouth, Fareham boasts direct connections to the M27 and London, as well as three mainline stations, Southampton Airport, and Southampton Port.
The acquisition is part of Royal London's strategy to invest in, develop, and manage high-quality, sustainable logistics and advanced manufacturing space in markets with limited supply. The company is targeting further opportunities in 2024.
Matthew Barnes, senior asset manager at Royal London Asset Management Property, said: 'This acquisition is an important milestone in our strategy to grow Royal London Asset Management Property’s industrial development pipeline. Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it.'
Royal London Asset Management Property and Graftongate were represented by DTRE and Pinsent Masons. Eaton was represented by CBRE and Eversheds Sutherland.
