Royal London Asset Management Property has acquired Fradley Park in Lichfield for £197m in an off-market deal.
Situated within the ‘Golden Triangle’, Fradley Park provides 1.65m sq ft of warehousing space on a 173-acre site. The park is home to occupiers including DHL, Geodis, Hawkins Logistics, Palletways and Faurecia and benefits from a workforce of more than one million people within a 30-minute drive time.
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.”
Matthew Barnes, investment manager at Royal London Asset Management Property, added: “Fradley Park, which will be the largest industrial asset in our portfolio, has strong fundamentals and deliverable opportunities for active asset management and development. With the outlook for the Midlands logistics market remaining highly positive, this a timely and strategic addition to our portfolio.”
Royal London Asset Management Property was advised by JLL and Pinsent Masons. The vendor was advised by Knight Frank and DLA Piper.
