Clearbell announces completion of £24m of sales in mixed-use portfolio
13th February 2017
Clearbell today announces that Clearbell Property Partners II LP (“CPP II”), has completed over £24m of sales in its Amber portfolio, in the last four months.
The mixed-use portfolio initially comprised of 29 assets in locations across the UK, and was acquired from Aberdeen Asset Management in August 2015, with Franklin Templeton Real Asset Advisors on behalf of a client, and one other co-investment partner.
Between October 2016 and January 2017 Clearbell completed on the sale of 5 assets in the portfolio, totalling 265,000 sq ft. The 5 assets comprise of 4 industrial assets in Stockton, Wickford, Milton Keynes and Swindon, and 1 office in Glasgow. The assets were predominantly sold to UK institutions.
Rob West, Partner at Clearbell said: “The sales demonstrate the strength of investor demand for smaller stabilised income producing assets. We will continue to deliver on our asset management strategy on the remaining 20 assets.”
Asset management to date across the Amber portfolio includes energy improvements; investment on offices and retail units; refurbishments and consideration of residential opportunities at select sites.
The recent sales leave CPP II with 20 remaining assets from the 29 acquired in 2015. Sales to date amount to over £44m.Back to news