Aspect was acquired to go into the Cara portfolio, an aggregator logistics platform consisting of 22 small logistics and industrial units targeting supply-constrained, high-demand sectors of Yorkshire and across the UK.
We immediately saw Aspect’s enormous potential. Acquired with 100% vacancy, it came with 123k sq ft of space and strong transport links to the rest of the UK. We adopted a focused and hands-on marketing strategy targeting occupiers searching for a central distribution base in the North of England. Within 12 months of ownership, the warehouse was fully let to a single operator.
As part of the wider Cara portfolio, our asset management approach included homing in on re-gears, high-spec refurbishment and new leases. We also prioritised energy efficiency and rental value at a number of the sites.
In March 2020, the Cara Portfolio was sold to Blackstone for £120m.