Real estate investor Logicor is thought to have paid a joint venture company managed and co-owned by Oxenwood Real Estate, around £85 million for a 951,000ft2 warehouse on a 38.5 acre site in Daventry, East Midlands.
The property, is let to XPO on a lease expiring in 2024. There is a rent review and tenant’s only break in 2022. XPO are servicing a short term contract for Amazon from the site.
Oxenwood pout the facility up for sale in September this year with an asking price over £70m. It was acquired by Oxenwood as part of a portfolio of properties in 2017 for £286 million.
Charlie Howard, Managing Director – UK, Logicor said: “We are very pleased to add this prime big-box property to the Logicor UK portfolio. Customer demand for well-located logistics assets across the UK continues to remain extremely high. This acquisition expands our logistics offering within the UK’s “Golden Triangle” with a strategically important customer and ensures the continued growth of our UK owned and managed portfolio which today stands at 40 million ft2.”
Jeremy Bishop, Co-Founder of Oxenwood Real Estate said: “We are delighted to have successfully sold this substantial asset from our joint venture with AIMCo, the proceeds of which are to be redeployed into our expanding London urban logistics development portfolio.”
Oxenwood has just announced that it is to develop a 59,263ft2 urban warehouse scheme in Barking with joint venture partner Graftongate.
This is the second joint venture between Oxenwood and Graftongate, following the acquisition earlier this month of Hayes Bridge Retail Park in west London for £50 million.
DTRE acted as advisors for the seller.