Karlin Real Estate has acquired from a private investor a 107,685-square-foot British Airways Avionics Maintenance and R&D Facility in Llantrisant, UK in SE Wales, in a transaction valued at £7.8 million ($13.15 million). The property is fully occupied by British Airways.
Purpose built for British Airways in 1994, the property comprises three, two-story, steel framed buildings ranging in size from 34,000 – 36,000 square feet on an 8.36 hectare-site (20.67-acres). The property is used for the repair and maintenance of avionics, cabin interiors and safety equipment for its own planes and other airline operators.
Karlin was selected as the preferred purchaser given its strong track record, and recent performance, according to Karlin Managing Director Joseph Self, who heads the firm’s London office.
“When we find an opportunity that fits our strategy, we move very quickly to execute on the transaction,” said Self. “This was a great opportunity to acquire an institutional quality asset leased to one of the world’s most recognizable companies and we are excited to add British Airways to our roster of tenants.”
Karlin Real Estate was represented by James Mason and Gareth Lloyd of Knight Frank.
Since entering the European commercial real estate market in August 2013, Karlin Real Estate, the real estate investment arm of Los Angeles-based Karlin Asset Management, Inc., has built a portfolio of approximately 750,000 square feet of office and industrial space. Karlin also provides senior and mezzanine financing for the acquisition or recapitalization of transitional assets in the UK and select European markets. The firm’s U.S. portfolio comprises more than five million square feet of office, multifamily, retail and industrial assets and 300 acres of developable land.
