Investment manager Oxenwood Real Estate has acquired four last-mile delivery plots in Manchester, London and Surrey in a £51 million deal with an off-shore owner.
In Manchester, Oxenwood acquired a tenanted 90,700 sq ft facility in Trafford Park for £7M, which potentially becomes available in 2021.
In London, Oxenwood acquired a 39,000 sq ft facility in Barking, and another in west London. The Barking unit potentially becomes available in July 2022.
In Redhill, Oxenwood also acquired a 108,000 sq ft facility for £17.25 million, which is potentially available for last mile logisdtics from 20202 but is already let to DHL Supply Chain until October 2023.
“Urban locations continue to be a focus for the business, and these four additions represent excellent value-add opportunities in their markets. With lease structures that allow us to access the strong rental growth in their locations, the assets will be strong contributors to the portfolio," Oxenwood’s Stewart Little says.
“Playing to our strategy around power, the buildings have exceptional supplies for their size and location, which will future proof their appeal to occupiers and potentially drive further returns”.
Oxenwood was advised by Cogent Real Estate on the Redhill and two London transactions and by M1 Agency on the Manchester transaction.