Oxenwood Catalina puts £200m Project Owl UK logistics portfolio on sale

By James Buckley Paul Norman - Wednesday, May 09, 2018 15:00

Oxenwood Catalina, the joint venture between Catalina Holdings (Bermuda) Ltd. and Oxenwood Real Estate, is bringing to market its UK logistics portfolio seeking £200m, CoStar News can reveal.

The JV has appointed DTRE to market the portfolio assembled in stages by the JV over the last four years. The portfolio is being dubbed Project Owl, it is thought in reference to the prominent letters in OxenWood Logistics.

The portfolio is certain to attract fierce investor interest given the demand at present for scaleable portfolios in the logistics space.

Oxenwood Real Estate and Catalina Holdings, the Bermuda-based reinsurance investment company, formed a UK commercial property joint venture with a leveraged firepower in excess of £100m in 2014.

The joint venture partnership simultaneously made its first investment by acquiring the UK headquarters and distribution centre of Maplin Electronics Limited in Rotherham, for £15.1m from Merseyside Pension Fund.

In 2016 the JV bought two prime logistics facilities in Sheffield and Burton-upon-Trent for a combined £26m. In Sheffield, bought from a private property company a 134,400 sq ft facility let to Amazon and in Burton-upon-Trent, it bought via a sale and leaseback to DHL Supply Chain a 173,275 sq ft facility on Eastern Avenue, which has been occupied by DHL for more than 30 years.

The portfolio sale excludes the JV's German assets.

Oxenwood in partnership with AimCo also runs a separate major UK logistics portfolio created via the acquisition of the Ultrabox portfolio last year for £286m.

Oxenwood and DTRE declined to comment.

jbuckley@costar.co.uk and pnorman@costar.co.uk

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