Oxenwood Real Estate has acquired two logistics bases – one in Leicester and one in Manchester – for a total of £24 million. The company has snapped up the properties, which total 296,305 sq ft, for Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda) from CBRE Global Investors, acting on behalf of the West Midlands Pension Fund.
The 102,112 sq ft Leicester facility is unit 29 at the established Meridian Business Park, which is located by junction 21 of the M1. It is let to Bunzl Retail and Healthcare Supplies at an annual passing rent of £550,000 and its lease expires in 2026, with an option to break in 2021.
Meanwhile, the 194,193 sq ft Manchester base is at North Bank Industrial Estate in Irlam, which is eight miles west of the city centre. It is let to Neovia Logistics at an annual passing rent of £845,000 and the lease expires in 2021.
“These two well-specified assets are located in established logistics locations, which enjoy good occupier demand, and have strong rental growth prospects. Together with our recent acquisitions in Bardon, Coventry and Warrington, these continue the recycling of the joint venture’s capital into more active situations, where we believe we can drive outperformance,” said Stewart Little, co-founder of Oxenwood.
Oxenwood was advised by DTRE and the vendor was advised by CBRE.