Clearbell Capital has bought a portfolio of six UK industrial units for £34 million.
The UK industrial units are in Bone Lane, Newbury; Courtauld House, Coventry; Saxon House, Kettering; Point Four Industrial Estate, Avonmouth; Black Moor Road, Verwood; and Clayton Industrial Estate, Burgess Hill.
They were acquired for Clearbell Property Partners IV LP, a fund managed by Clearbell Capital LLP, for £34 million. That is £109 per square foot and reflects a net initial yield of 6.2%.
The 312,000 square foot portfolio generates £2.2 million per annum. It is 97% occupied by several businesses including e-commerce, manufacturers and distributors. The portfolio will offer asset management opportunities to grow the rents and improve the ESG credentials of the units.
This latest acquisition embodies Clearbell’s long-established strategy of investing in the industrial sector.
Rob Cole, Senior Investment Manager, Clearbell Capital LLP says, “We believe these assets represent good value in the current market, specifically offering us the opportunity to institutionalise and improve the rental tone. This will also form the basis of our industrial aggregation strategy for the latest fund. Although it has been a turbulent 12 months, the industrial market is showing signs of stabilising and is still supported by strong baseline fundamentals, remaining a key investment theme for us”.
Seller, Palace Capital was represented by Gerald Eve.
