Oxenwood Real Estate has leased 143,907 sq ft of industrial space to Ibstock at Hilton Cross Business Park in Wolverhampton.
The building materials supplier has signed a 10-year lease on the unit an an initial rent of £7.95/sq ft.
Oxenwood acquired the facility, which is located next to junction one of the M54 and close to junction 10a of the M6, in December 2021 from the occupier MANN+HUMMEL for Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda).
The unit was leased back to MANN+HUMMEL on a short term lease, but the company has agreed a lease surrender and Ibstock has taken occupancy following a refurbishment of the facility.
Stewart Little, co-founder of Oxenwood, said: “The letting to a high-quality manufacturing company in parallel with securing vacant possession of the building reinforces our strategy to acquire short-let or vacant buildings in markets where have high confidence in occupier demand.”
Oxenwood was advised by Carter Jonas. Gerald Eve advised Ibstock.
