Royal London Asset Management Property acquires Abbey Works site from Eaton

Royal London Asset Management Property has acquired the 24-acre Abbey Works site in Fareham, South England, from Eaton. Royal London Asset Management Property has partnered with Graftongate to acquire the site and act as development managers.

Eaton has been the long-time custodian of Abbey Works and is one of the key employers in the area. The company engages in the manufacturing, repair, and testing of aircraft components for companies such as Boeing and Airbus.

The site is ideally positioned for traditional logistics and e-commerce operators, as well as advanced manufacturers. Located midway between Southampton and Portsmouth, Fareham boasts direct connections to the M27 and London, as well as three mainline stations, Southampton Airport, and Southampton Port—the UK’s leading vehicle handling port, managing 900,000 vehicles annually.

As part of its strategic initiative to invest in, develop, and manage high-quality, sustainable logistics and advanced manufacturing space in markets with limited supply, the recent acquisition represents a significant milestone in Royal London Asset Management Property’s expansion within a rapidly growing logistics sector. The company is targeting further opportunities in 2024. 

Royal London Asset Management Property and Graftongate were represented by DTRE and Pinsent Masons. Eaton was represented by CBRE and Eversheds Sutherland.

Matthew Barnes, Senior Asset Manager at Royal London Asset Management Property, said: “This acquisition is an important milestone in our strategy to grow Royal London Asset Management Property’s industrial development pipeline. Opportunities of this scale are rare in the South Coast market, and we are looking forward to working with Graftongate to progress it. Eaton is a key employer in Fareham and we also look forward to partnering with them to develop a best-in-class facility, securing their commitment to the area for the long term.”

Matt Price, General Manager of Eaton’s Fuel Systems Business Unit, said: “This deal represents the culmination of years of hard work by the combined Eaton, CBRE, Royal London and Graftongate teams. It is the first step in our plans to redevelop our Fuel Systems business and transform the way we manufacture, deliver, and develop our products to serve our customers. I am excited for all our employees at Titchfield as this represents a significant investment in our future as a leading supplier of aerospace fuel system products.”

Alex Thomason, Director at Graftongate, said: “We are very pleased to have completed our first deal with Royal London Asset Management Property. Abbey Works is an exceptionally well-connected site in a region of the UK where demand for high-quality industrial/logistics and manufacturing accommodation significantly outstrips supply. We’re excited to be delivering a highly sustainable, purpose-built facility for Eaton and will be exploring opportunities to further develop the site.”

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