Crown Estate Sells UK Distribution Centre
AXA Real Estate has acquired part of a UK distribution centre on behalf of a client from The Crown Estate, which holds a diversified real estate portfolio valued at more than £7 billion (€8.2 billion), with its entire income surplus paid to the UK Treasury.
AXA Real Estate is paying £10.5 million (€12.3 million) for a 13-hectare site in the Cabot Park scheme in Avonmouth. The site has received planning consent for a distribution centre for the Co-operative Group. The Crown Estate will continue to own 26 hectares at the site, which is used by Honda for car storage, body works and valeting.
Rob Awford, fund manager at AXA Real Estate, says: “Having completed the acquisition and with planning permission in place, we will now work alongside