Oxenwood Real Estate and Alberta Investment Management Corporation have bought Hayes Bridge Retail Park in west London for £50m, from M7 Real Estate’s Box Plus 2 fund.
The deal for the 7.8-acre retail park, on Uxbridge Road, reflects a net initial yield of 4.37%. It comprises nine units, totalling 104,820 sq ft, let to eight tenants off an average rent of £21.03 per sq ft with a weighted average unexpired lease term of 2.73 years. Two of the units are vacant.
Jeremy Bishop, co-founder of Oxenwood, said: “The transaction represents a rare opportunity to acquire a sizeable asset in west London complementing our strategy to assemble a portfolio of well located, urban assets with medium-term value-add and redevelopment potential in our joint venture with AIMCo”.
Rupert Wingfield, head of European real estate at AIMCo, said: “The location benefits from excellent road connectivity given its proximity to both the M4 and M40 motorways, and is surrounded by densely populated, affluent London boroughs. We are looking forward to working together with Oxenwood over the coming years on this exciting opportunity.”
Graftongate, DTRE and Stockford Anderson advised Oxenwood; Harvey Spack Field and Morgan Williams acted for M7 Real Estate.
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