Oxenwood Real Estate, in a joint venture with a Canadian institutional investor, has acquired a portfolio of UK warehouses for £286m, including a 330,000 sq ft unit in Trafford Park.
The Ultrabox portfolio was sold by Lone Star and Anglesea Capital, and is made up of nine logistics assets totalling almost four million sq ft.
In Manchester, the acquisition includes Fraser Place, a unit within Trafford Park’s Electric Park, and let to Bidvest Freight Services.
The passing rent from the whole Ultrabox portfolio is £16.45m a year, an average of £4.67/sq ft.
The transaction was part-funded by a £151m loan from Wells Fargo.
Oxenwood was advised by M1 Agency and JLL, while the vendors were represented by DTRE.
Stewart Little, joint chief executive of Oxenwood, said: “The purchase of the Ulltrabox portfolio represents a significant step forward for the business and further demonstrates our ability to deliver attractive investment opportunities in joint venture. We believe the underlying assets provide an excellent opportunity to deliver further performance over and above the high-quality income streams, and we are very much looking forward to getting started.”