UK commercial property investor Royal London Asset Management Property has partnered with Graftongate to acquire a 24-acre logistics site.
The pair have invested an undisclosed amount to buy the Abbey Works site in Fareham, South England from power management solutions company Eaton.
Matthew Barnes, senior asset manager at Royal London Asset Management Property, said: 鈥淭his acquisition is an important milestone in our strategy to grow Royal London Asset Management Property鈥檚 industrial development pipeline. Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it.
鈥淓aton is a key employer in Fareham and we also look forward to partnering with them to develop a best-in-class facility, securing their commitment to the area for the long term.鈥�
Alex Thomason, director at Graftongate, said: 鈥淲e are very pleased to have completed our first deal with Royal London Asset Management Property. Abbey Works is an exceptionally well-connected site in a region of the UK where demand for high-quality industrial/logistics and manufacturing accommodation significantly outstrips supply.
鈥淲e鈥檙e excited to be delivering a highly sustainable, purpose-built facility for Eaton and will be exploring opportunities to further develop the site.鈥�
Matt Price, general manager of Eaton鈥檚 fuel systems business unit, said: 鈥淭his deal represents the culmination of years of hard work by the combined Eaton, CBRE, Royal London and Graftongate teams.
鈥淚t is the first step in our plans to redevelop our fuel systems business and transform the way we manufacture, deliver, and develop our products to serve our customers. I am excited for all our employees at Titchfield as this represents a significant investment in our future as a leading supplier of aerospace fuel system products.鈥�
To read the latest 91传媒在线 magazine click here.
