Oxenwood Real Estate has acquired Transpennine 200, the principal passport-printing and distribution warehouse for the UK, producing 80 per cent of all passports, from Curzon Advisers for GBP8.2 million.
The 92,340 sq ft property in Heywood, Greater Manchester, which is let to the Secretary of State for Communities and Local Government until November 2021, has been acquired by Oxenwood on behalf of Oxenwood Catalina, the joint venture with Catalina Holdings. The net initial yield is 7.38 per cent.
The acquisition follows those in December 2016 of two prime logistics facilities in Sheffield and Burton-upon-Trent for a combined GBP26 million.
Transpennine 200 is located next to the established Heywood Distribution Park, with nearby occupiers including DPD Group, Wincanton, Argos, Kuehne & Nagel and Eddie Stobart, and has a site area of 6.3 acres, which reflects a low site density of 33 per cent. It was purpose built to a very high specification in 2006, benefiting from a minimum eaves height of eight metres, two surface-level loading doors and full perimeter fencing.
Oxenwood was advised by DTRE and Curzon Advisers by Lewis Ellis.
Jones Day has advised Oxenwood Real Estate in its acquisition with a team led by London-based Real Estate partner David Roberts.
Involved fees earner: David Roberts – Jones Day;
Law Firms: Jones Day;
Clients: Oxenwood Real Estate;