Clearbell expands logistics portfolio with £16.5m acquisition
25th September 2017
A fund advised by Clearbell Capital has today announced it has acquired Shepley Industrial Estate, from a fund managed by Infrared for £16.5m for its UK wide logistics and industrial portfolio, Cara. This acquisition brings the total number of Cara assets acquired to 13.
Shepley Industrial Estate, located in East Manchester, is the first North West asset in the Cara portfolio. The 374,000 sq ft estate comprises 38 logistics and industrial units and offers flexible units ranging from 1,500 sq ft to 40,000 sq ft.
The fund will continue its strategy of intensive asset management and focus on value add capital expenditure, lease re-gears and new lettings across the Cara portfolio.
Joseph Bridger, Acquisition and Asset Manager at Clearbell, said: “The North West industrial occupational market has seen strong demand in recent years. However, multi-let speculative development remains subdued, largely due to prohibitive construction costs which have confined activity to prime sites. This has led to strong demand for good quality second hand multi-let space and increased rents. This acquisition will enable us to offer improved second-hand units to tenants in Greater Manchester, where demand is robust.
“The asset complements our existing portfolio and fits in with our strategy of delivering quality logistics and industrial space for tenants who are increasingly feeling the pressure of a lack of supply across the UK. This acquisition will also provide diversity of income across the Cara portfolio.”
Clearbell was advised by DTRE on the acquisition of Shepley. Infrared was advised by GVA.Back to news