PATRIZIA COMPLETES SALE OF ABINGDON BUSINESS PARK FOR £61.5M

Patrizia AG has completed the off-market sale of Abingdon Business Park in Oxfordshire to Royal London Mutual Insurance Society for £61.5 million, reflecting a net initial yield of 5.8 per cent.

Patrizia acquired the 415,000 sq ft park in 2015 and has since undertaken a comprehensive refurbishment.

Occupancy of the 50-acre site near Abingdon has since increased to more than 90 per cent with 35 tenants in place.

XLB acted as adviser to Patrizia throughout the hold period. Patrizia was advised by JLL and Bidwells acted for Royal London Mutual Insurance Society.

Duncan White, Director of UK Fund Management at Patrizia, said: “This off-market sale is ahead of our business plan for Abingdon Business Park and crystallises extremely strong and market leading returns for our investors. The transaction is further evidence of the continued institutional appetite for UK multi-let commercial real estate in strong regional locations such as this.”

James Orr, Senior Fund Manager and Head of Industrial at Royal London Asset Management added: “Abingdon Business Park is a great acquisition for us and aligns with our investment strategy to acquire best-in-class multi-let commercial estates in locations with strong growth potential.”

Patrizia manages more than 41 billion Euros of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and co-operative banks and as a co-investor.

Timberworld takes final unit at Grovelands

Arnold Laver Timberworld, part of the National Timber Group, has opened a new trade counter unit on the Grovelands Industrial Estate in Exhall, just off junction 3 of the M6.

The company created seven new jobs after securing the 26,000 sq ft building through commercial property agents Holt Commercial. The industrial estate is now fully let.