Eskmuir Properties has sold Nuffield Trade Park in Oxford to Legal & General’s Industrial Property Investment Fund (IPIF) for more than £20 million.
The park, which has 88,117 sq ft of space across 18 trade counter and industrial units is south of Oxford’s eastern by-pass ring road and adjoins the newly developed Oxford Trade City. Current occupiers include Royal Mail, BSS, City Plumbing Supplies, Sally Beauty and TLC.
Paul Hodgson, managing director of Eskmuir, said: “The interest we received for Nuffield Trade Park demonstrates how much demand there is for well-located industrial asset.
“We received a phenomenal response to the marketing programme and we’re delighted with the excellent return generated for our investors. This sale will allow us to redeploy capital proceeds into further acquisitions where we can see opportunities to grow the rents and enhance the capital values significantly through our stewardship and proactive asset management.”
Jonathan Holland, senior fund manager, LGIM Real Assets, said: “We’re delighted to have acquired Nuffield Trade Park. Testament to the fund’s continued focus on investing in operational assets and developments, it’s a solid addition to our growing portfolio.
“IPIF’s portfolio spans the UK, creating assets in markets where the occupational demand significantly outweighs supply.
“This acquisition closely follows a successful, over-subscribed equity raise, as well as the fund’s assets under management closing in on over £3 billion. We look forward to continuing on with this trajectory, delivering leading market access alongside robust returns for our investor base.”
JLL acted for Legal & General while Lewis Ellis acted for Eskmuir Properties.
© Thames Tap (powered by ukpropertyforums.com).
Sign up to receive your free weekly Thames Tap newsletter here.