Mon, 11 Mar 2024 | COMMERCIAL PROPERTY
Clarion Partners Europe, an investment manager focusing on logistics and industrial properties, has completed the £80.15 million acquisition of two logistics parks located in Redditch and Kettering. The two schemes, which are located at key distribution points within the UK's Golden Triangle, were acquired from EPISO 5, managed by Tristan Capital Partners. This acquisition represents the second investment for Clarion's dedicated UK logistics fund, which has recently secured £427 million in equity commitments.
The combined area of the parks is 558,000 square feet, and both have been fully occupied by nine different tenants since their construction in 2019. The Redditch estate, situated in the West Midlands, includes four units with sizes ranging between 55,000 and 93,000 square feet, housing businesses in the apparel, pet supplies, and freight services industries. This estate has the advantage of being within a 15-minute drive from both the M40, serving London and the South-East, and the M6, leading to the South-West.
The Kettering estate, located in the East Midlands, offers direct access to the A14 motorway, which connects to the M1 and A1 motorways, as well as the M6 within a 30-minute drive. This smaller estate consists of five units varying from 25,000 to 100,000 square feet, occupied by tenants in the third-party logistics, food production, packaging, and charity sectors.
Annabel Cullen, director at Tristan Capital Partners, said that the two schemes were “well-connected, highly accessible locations”, making them “excellent acquisitions for our EPISO 5 fund”, and adding that both locations had benefitted “from a positive series of leasing deals and attracted high quality tenants” throughout their ownership.
She continued: “There is clear investor appetite for well-located logistics assets which can provide secure, reversionary income. We saw this as the right time to sell and ensure strong returns for our investors."
Tom White, director at Canmoor Asset Management, added: "Both Redditch and Kettering assets were acquired during the COVID pandemic but there was clear optimism in both the occupational and capital markets for well located, best in class mid-box logistic assets.”
"These fundamentals are at the heart of the business plan and we're pleased with the leasing results and active asset management of these assets over the hold period to deliver this result for our partner."
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