Oxenwood Real Estate, in joint venture with a Canadian institutional investor, has completed the acquisition of a portfolio of prime UK logistics properties for £286m.
The Ultrabox portfolio comprises nine logistics assets, totalling 3.9m sq ft, located across the UK. The buildings are high-spec and in established locations. The passing rent from eight of the nine properties that are occupied is £16.4m a year, equating to an average of £4.67 per sq ft.
The vendor was a joint venture between Lone Star and Anglesea Capital. The bulk of the portfolio emerged from a deal put together in 2014 in which joint venture partners Anglesea and Lone Star bought four assets from Goodman, totalling 2.4m sq ft, in Wolverhampton, Swansea, Daventry and Gloucester.
They then acquired a further three sites from Goodman that were then developed speculatively, as well as a further two sites bought in 2015 through Project Oval.
The acquisition increases the size of Oxenwood’s UK logistics portfolio to £430m. The transaction was part-funded by a £151m loan from Wells Fargo.
Jeremy Bishop, joint chief executive of Oxenwood, said: “With the backing of our investment partners, we continue to have resources to support our growth. This will continue to be focused on the UK logistics sector”.
Stewart Little, joint chief executive of Oxenwood, said: “We believe the underlying assets provide an opportunity to deliver further performance above the high-quality income streams, and we are looking forward to getting started.”
Oxenwood was advised by M1 Agency and JLL; DTRE advised the vendor.
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