Clearbell acquires nationwide logistics portfolio for £32m

11th April 2017

A fund advised by Clearbell Capital today announces it has acquired a nationwide logistics and industrial portfolio, totalling 844,700 sq ft.

The portfolio consists of 12 assets located across the UK and was acquired for £32m.

Additional equity has been set aside for this investment to acquire assets to complement the portfolio.

Clearbell will target further acquisitions in the £5 - £15m range, focusing on the logistics sector where there is a continued lack of quality space.

An asset management strategy will be pursued across a number of the assets, focusing on re-gears, refurbishment and new leases. There will also be a program to increase energy efficiency and rental value at a number of the sites.

Rob West, Partner at Clearbell, said: “In 2016 29.4 million sq ft of logistics space was taken up by occupiers – well ahead of the previous long run average. The continued growth of online sales has left the sector undersupplied.

“This portfolio represents an excellent platform for growth and development, as we seek to service significant and growing tenant demand. With an initial net yield of 8.5% rental income will be a significant driver of return.”

The portfolio was acquired from funds managed by Aviva Investors, advised by Jones Lang Lasalle. Clearbell was advised by Capita.

Gary Sherwin, Head of UK Investment Transactions at Aviva Investors, said: “This successful transaction is in line with our strategy of focusing our investments on larger high-quality assets in fewer core locations.”

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