UK and European real estate investment management firm Oxenwood and its joint venture partner, Canada's Alberta Investment Management Corporation (AIMCo) have announced the purchase of a last-mile logistics development site in west London for an undisclosed amount.
The joint venture, which was set up at the beginning of 2017, targets value-add logistics opportunities in the UK.
The 4.7-acre site at 16 Eastman Road in Acton has been acquired from the occupier, RSN Property Limited. The site comprises a 100,000 sq ft (9,300 m2) milk processing and bottling facility, which has been leased back to RSN, the UK’s largest independent processing dairy, to allow the relocation of RSN’s business.
Oxenwood will work up plans for a new 100,000 sq ft facility, which it will aim to pre-let to a single occupier.
Jeremy Bishop, co-founder of Oxenwood, said: 'AIMCo has been a partner for nearly four years, during which time the logistics market has become one of the most attractive real estate sectors. We are delighted to be adding this new asset as part of our plans to grow the portfolio. The off-market transaction represents a superb
opportunity to acquire a prime development site in the London market. During the leaseback period, we will look to identify an occupier with whom we can work to deliver a high-quality last-mile facility.'
Oxenwood was advised in the transaction by Cogent Real Estate.