A vehicle distribution facility in Coventry has been sold off in a deal worth almost £18 million.
Real estate investment management firm Oxenwood Real Estate has acquired the 10-acre site – located at the junction of Foleshill Road and Old Church Road, north of the city centre – from clients of LaSalle Investment Management.
It has been acquired by Oxenwood for Oxenwood Catalina, its joint venture with Cataline Holdings (Bermuda) Ltd.
The £17.9 millon deal includes three buildings totalling 39,691 sq ft which are let to Lex Autolease, part of Lloyds Banking Group, for a further 13 years and sub-let to Pendragon plc which uses the facility as one of its nine regional Car Store sites.
Stewart Little, co-founder and CEO of Oxenwood, said: “The purchase of the facility in Coventry represents a rare opportunity to acquire a large central site with very strong underlying fundamentals in a market we know well.
“In tandem with the potential for logistics use in the longer term, the in-place income stream with its fixed uplifts will be an excellent contributor to the Catalina portfolio, for which we continue to secure high grade assets in a competitive environment.”
Oxenwood was advised by Hoddell Stotesbury Morgan and the vendor was advised by Knight Frank.