Royal London Asset Management Property and Graftongate have bought a site in Fareham, Hampshire, for a £140m GDV manufacturing hub.
The investment manager bought the 24-acre Abbey Works site from Eaton, a supplier to the aerospace industry.
Eaton, which has engaged in the manufacturing, repair and testing of aircraft components for companies including Boeing and Airbus from the site, will partner with Royal London and developer Graftongate to create new facilities at Abbey Works.
Matt Price, general manager of Eaton’s fuel systems business unit, said: “It is the first step in our plans to redevelop our fuel systems business and transform the way we manufacture, deliver and develop our products to serve our customers.”
Royal London Asset Management Property said the acquisition expands its industrial development pipeline and represents a “strategic initiative to invest in, develop and manage high-quality, sustainable logistics and advanced manufacturing space in markets with limited supply”.
Matthew Barnes, senior asset manager at Royal London Asset Management Property, added: “This acquisition is an important milestone in our strategy to grow Royal London Asset Management Property’s industrial development pipeline.
“Opportunities of this scale are rare in the south coast market, and we are looking forward to working with Graftongate to progress it. Eaton is a key employer in Fareham, and we look forward to partnering with them to develop a best-in-class facility, securing their commitment to the area for the long term.”
Alex Thomason, director at Graftongate, said a “highly sustainable, purpose-built facility” will be built for Eaton, adding that the business will explore “opportunities to further develop the site”.
DTRE advised Royal London Asset Management Property and Graftongate, while CBRE acted for Eaton.
Photo © Ariyan Alimadadi, Upperlook, courtesy of ING Media
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