RLAM stumps up £197m for Fradley Park
Lichfield’s trophy logistics scheme, comprising 1.65m sq ft of warehousing, has become Royal London Asset Management Property’s largest single asset following an off-market deal.
Fradley Park is one of the region’s most established industrial & logistics destinations, spanning 173 acres. It will become the largest single asset in RLAM’s portfolio.
The site benefits from connectivity to the UK’s transport network, being close to the A38, M6 Toll, and wider motorway links, as well as boasting proximity to key freight hubs and airports.
Having been development-managed and asset-managed by Canmoor, Fradley Park is called home by occupiers including DHL, Geodis, Hawkins Logistics, Palletways and Faurecia. In excess of 4,000 people work at the site.
RLAM said the acquisition aligns with its strategy to grow its logistics portfolio by securing best-in-class prime assets, aimed at delivering long-term returns for its investors via active asset and development management.
Will Edwards, portfolio fund manager at Royal London Asset Management Property, said: “The purchase of Fradley Park is in line with our strategy of investing at scale into high-quality assets with an attractive occupational supply/demand dynamic that offer the potential for enhanced performance.
“It demonstrates our conviction in the industrial market and compliments our recent purchases of development land at Enderby in Leicester and Brackmills in Northampton.”
RLAM’s £3.4bn industrial and logistics portfolio continues to grow through active reinvestment, the firm said, with recent activity including six new acquisitions with a combined GDV of £1.5bn.
Recent activity includes the purchase, in partnership with Canmoor, of Leicestershire’s Enderby logistics hub development site in April this year; and the acquisition with Graftongate of Brackmills 54 in Northamptonshire, where 1.25m sq ft is proposed in a scheme with a GDV of £340m.
Royal London Asset Management Property was advised by JLL and Pinsent Masons, with the vendor advised by Knight Frank and DLA Piper.
