Savills appointed to £207m UK portfolio
Ascendas Reit, Singapore’s first and largest listed business space and industrial real estate investment trust, has appointed Savills to manage a portfolio of logistics properties across England.
The appointment follows Ascendas Reit’s £207m acquisition of the portfolio, from a joint venture between Oxenwood Catalina Midco Limited and Oxenwood Catalina II Midco Limited.
The portfolio comprises 12 logistics assets, totalling 2.61 million sq ft, in locations including Eastleigh, Rotherham, Runcorn, Sheffield, Stoke-on-Trent and Scunthorpe.
The largest units are the 484,806 sq ft Howden’s hub at Astmoor Industrial Estate, Runcorn, and the 515,914 sq ft main building at Extrusion Hall, South Normanton.
There are nine tenants in occupation across 12 leases including Amazon, Bibby Distribution, DHL, Howden Joinery and Secretary of State for Communications and Local Government.
The appointment will be led by Savills property management team based in Manchester.
Ascendas-Singbridge Group, as the sponsor of Ascendas Reit, will also provide asset management and other related services in respect of the portfolio.
Rob Hall, property management associate director at Savills, said: “While the Ascendas-Singbridge Group is new to the UK market, it already has a strong presence in Asia and Australia.
“Ascendas Reit owns 35 assets in Australia, some of which Savills manages, and an additional 98 in Singapore.
“We look forward to working with Ascendas Reit to maximise the value of its UK portfolio.”