Clearbell sells Crawley development assets for £8.9m
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, announces the sale of a prime development site at Churchill Court, Crawley, for £8.9m to Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific.
Arrow has acquired the site for its €3bn Strategic Industrial Real Estate (SIRE) platform and has retained Equation Properties as Development Manager for the scheme.
Arrow intends to develop the 4 acre Churchill Court site, which currently comprises two office buildings of more than 70,000 sq ft, to provide high quality new urban logistics units.
Manor Royal is well located in close proximity to Gatwick airport and within easy reach of London and the South of England.
Clearbell acquired the assets in 2014 as part of the Chalk portfolio, which aimed to take advantage of the ripple-effect of London rents into the South-East. Following the sale of the remaining Churchill Court assets, the Chalk portfolio has been fully realised.
Dominic Moore, Head Asset Management and ESG Director at Clearbell Capital, said:
“Industrial and logistics assets have performed extremely well in recent years. The accelerated rise of online shopping during the pandemic has only increased their attractiveness for investors, particularly in well-located areas in the South East.”
Robert Howe, Head of European Real Estate at Arrow Capital Partners said:
“This acquisition adds to our $3 billion European Strategic Industrial Real Estate (“SIRE”) platform, for which we continue to see exciting opportunities driven by the growing penetration of e-commerce. We are delighted to be working in conjunction with Equation Properties, whose development expertise and track record makes them an ideal partner to help us deliver a best in class urban logistics scheme into a core, supply-constrained South East market.
Clearbell was advised by DTRE. Arrow and Equation were advised by Knight Frank.