Ibstock Brick Ltd, Hilton Cross Business Park, Wolverhampton, WV10 7QZ
Sold
Oxenwood Real Estate, the UK and European real estate investment management firm, and its joint venture partner, Catalina RE have sold Ibstock Bricks, Wolverhampton for £17,015,000 to Urban Logistics REIT PLC. The price reflects a NIY of 6.30%.
The 145,998 sq ft unit in Wolverhampton is let to Ibstock Brick Limited until April 2033 with a break in April 2028, having been let in April 2023 following a comprehensive refurbishment of the unit.
Stewart Little, CEO of Oxenwood, said: “We purchased this asset by way of a short term sale and leaseback, with a business plan to secure vacant possession, refurbish the unit and relet into a rising rental market. The sale represents the conclusion of a very successful project for the Oxenwood and Catalina joint venture.”
Oxenwood / Catalina were advised by Atlas Real Estate and Addleshaw Goddard LLP on the sale. Urban Logistics REIT were advised by ACRE Capital and Trowers & Hamlins LLP.
