Legal & General’s Industrial Property Investment Fund (IPIF) has bought Nuffield Trade Park in Oxford, after buying it for £20 million.
The site consists of 18 trade counter and industrial units, providing a total internal area of 88,117ft2 with individual unit sizes ranging from 2,879ft2 to 17,608ft2.
Located on the south side of Oxford’s Eastern bypass Ring Road, Nuffield Trade Park has direct access to the A34 and adjoins the newly developed Oxford Trade City.
Paul Hodgson, Managing Director of Eskmuir said: “This sale will allow us to redeploy capital proceeds into further acquisitions where we can see opportunities to grow the rents and enhance the capital values significantly through our stewardship and proactive asset management.”
Jonathan Holland, Senior Fund Manager, LGIM Real Assets added: “IPIF’s portfolio spans the UK, creating assets in markets where the occupational demand significantly outweighs supply. This acquisition closely follows a successful, over-subscribed equity raise, as well as the Fund’s assets under management closing in on over £3bn; we look forward to continuing on with this trajectory, delivering leading market access alongside robust returns for our investor base.”
