Pan-European logistics specialist Infinium Logistics has completed the acquisition of an EV charging facility in Banbury, UK for £28 mln (€32 mln) from Paloma Capital.
Close to the centre of Banbury and 2.7 km from the M40 at Junction 11, the site is located on a key arterial route between London and Birmingham.
The 5.8 hectares property comprises of a 18,581 m2 warehouse operated as a 588-space EV-ready fleet parking facility and let to Amazon, as well as a long-let Starbucks drive-thru.
Paloma Capital acquired the asset in 2018 for £5 mln (€5.6 mln) and subsequently invested a further £9 mln (€10.2 mln) in the property which now produces an income of £1.54 mln (€1.74 million) per year.
Joe Froud, co-founder of Paloma Capital, commented: ‘When we acquired the site, the vendors had proposed a retail-led redevelopment of the whole site. We are really pleased to have not only devised an imaginative low carbon’ re-purposing of the original building, but also ultimately ended up creating a substantial EV charging park, assisting Amazon with the de-carbonisation of its delivery fleet.’
Tom Gough, investment director, Infinium Logistics, added: ‘With a lease to a key tenant in Amazon, with whom we deepen our existing relationship, the property provides immediate income for our investors alongside a medium-term opportunity to add value through asset management. This acquisition demonstrates our ability to think outside of the (big) box and transact in a period of general market uncertainty. We look forward to working with market participants to acquire additional c.5-acre sites near major urban centres where we can develop specialised van-charging infrastructure that enable our tenants to transition to electric vehicles.’
Phil Bayliss, CEO of Europe, Infinium Logistics, said: ‘This addition to our growing portfolio encapsulates Infinium Logistics’ ambitions to decarbonise, electrify and optimise the last mile delivery sector. This site provides critical EV infrastructure that will accelerate the transition away from ICE vehicles whilst also optimising and improving Amazon’s operations in the area.’
CBRE advised Paloma Capital on the sale.
After Swindon, this is the second site secured for Infinium’s property investment platform – the world’s first dedicated EV fleet charging real estate fund.
In partnership with GreenPoint Partners, the platform is targeting a £500 mln (€565.7 mln) portfolio of assets in key industrial locations across Europe.