Oxenwood leases Wolverhampton warehouse to Ibstock
Oxenwood Real Estate, the UK and European real estate investment management firm, has let 143,907 sq ft of industrial space to Ibstock, a leading UK manufacturer of clay bricks, concrete products and building solutions, in Wolverhampton.
The facility is located on the established Hilton Cross Business Park at Featherstone by junction 1 of the M54 and close to junction 10a of the M6. Ibstock has signed a 10-year lease at an initial rent reflecting £7.95/sq ft.
The facility was acquired in December 2021 from the occupier, MANN+HUMMEL, a global filtration technology company, by Oxenwood for Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda) Ltd. The unit was then leased back to MANN+HUMMEL on a short lease. Oxenwood and MANN+HUMMEL have agreed the terms for a lease surrender, and Ibstock has taken occupation of the facility following completion of a refurbishment.
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.