European real estate investment management firm Oxenwood Real Estate has teamed up with developer-investor Graftongate to develop a last-mile logistics facility in Barking, east London.
The development will be on a 2.2-acre site which has been acquired from TJM by Oxenwood Logistics Fund 1, a discretionary fund managed by Oxenwood Real Estate, for £14.25 mln (€17 mln).
Following the purchase, Oxenwood will enter into a development management agreement with Graftongate to obtain planning consent and construct a 59,263 sq ft unit, which is expected to be completed in the second quarter of 2023.
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 mln.
Jeremy Bishop, co-founder of Oxenwood, said: ‘This transaction provides the fund with an opportunity to deploy its capital into a best-in-class logistics asset, providing occupiers with a high-quality building in a proven London urban logistics location.’
JLL brokered the deal.