Oxenwood Real Estate and its joint venture partner Catalina Holdings have sold Project Owl, a portfolio of prime logistics properties in the United Kingdom to Singapore-based Ascendas REIT for £207 million ($272 million).
The deal is expected to close in August 2018.
The acquisition will provide Ascendas REIT an entry to the U.K. logistics market.
The portfolio comprises 12 logistics assets, totaling 2.61 million square feet, located in Biggleswade, Rotherham, Runcorn, Stoke-on-Trent, Sheffield, Burton-upon-Trent, Heywood, Scunthorpe, Eastleigh, Newport Pagnell and two sites in South Normanton.
“The 12 well-located properties under the target portfolio will serve as a good entry portfolio given its geographic spread in key distribution centers across the United Kingdom,” said a spokesperson for the REIT.
The proceeds from the sale will be recycled and reinvested in further opportunistic purchases. Oxenwood is a multi-sector opportunistic inves
