Bibby Distribution has secured its tenancy on a 266,700 sq ft warehouse at Foxhills Industrial Estate, Scunthorpe, Lincolnshire with a restructured ten year lease with new landlord Oxenwood Catalina, a joint venture between Oxenwood Real Estate and Catalina Holdings.
The property was sold by two separate vendors to Oxenwood for £7.23 million and comprised the acquisition of two adjoining freehold units with a simultaneous restructuring of the occupational lease with a new 10-year lease to Bibby.
The acquisition follows that in April 2017 of the Ultrabox portfolio of prime UK logistics properties in joint venture with a Canadian institutional investor for £286 million.
Stewart Little, Joint Chief Executive of Oxenwood, said: “Occupier-focused strategies are core to what we do and the acquisition in Scunthorpe demonstrates this. Whether large portfolios or smaller individual assets, we continue to see opportunity within the logistics sector which marry excellent investor returns and long-term tenant solutions”.