Tristan Fund acquires Leamington Spa business estate for GBP34m
The EPISO 4 opportunity fund advised by Tristan Capital Partners and Canmoor has acquired a 440,000 sq ft mixed-use logistics/office business estate in Leamington Spa from Wolseley UK Limited, for GBP34.0 million.
The property is located 1.5 miles from Leamington Spa, about 27 miles to the southeast of Birmingham. The area is inside the ‘Golden Triangle’; the UK’s prime region for logistics and is also a strong out-of-town office location, falling within the M42 corridor/northern M40 sub-market. The estate currently comprises two well-specified distribution warehouses of 218,000 and 157,000 sq ft, a modern office of 65,000 sq ft, and a 3.15 acre parcel of land. The partnership will refurbish the existing accommodation whilst developing new warehouse space on the land.
Canmoor, a leading developer of business space in the UK, has been appointed as the development manager for the project. The Fund was also advised by Jones Lang LaSalle and Stephenson Harwood.
Nicho Jenkins, Managing Director at Tristan Capital Partners, says: “The acquisition of this exciting campus gives the Fund an opportunity to deliver prime logistics space and Grade A office accommodation into strong occupational markets underpinned by favourable supply and demand dynamics. We’re looking forward to working with Canmoor to deliver a project in which we have high conviction.”
Tom White, Principle at Canmoor, says: “We are delighted to be working with Tristan on this exceptional opportunity. The property offers a collection of high quality, vacant buildings which we plan to upgrade and extend immediately. There is a limited supply of competing stock, and accordingly the property is already receiving significant interest from occupiers.”