Investment manager Oxenwood Real Estate and developer Graftongate have teamed up to build a last-mile logistics facility in Barking, east London.
The development will be on a 2.2-acre site on the A13, which has been acquired for £14.25m from TJM (Essex) Ltd by Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.
Oxenwood will enter into a development management agreement with Graftongate to obtain planning consent and construct a 59,263 sq ft facility, which is expected to be completed in the second quarter of 2023.
The deal marks the second venture between Oxenwood and Graftongate, following the acquisition in October of Hayes Bridge Retail Park in west London for £50m.
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.”
DTRE advised Oxenwood and Graftongate, while JLL acted for the vendor.
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