Clarion Partners Europe has acquired three distribution warehouses in Widnes on behalf of a commingled fund client for an undisclosed price.
The newly constructed warehouses, which have a combined footprint of 708,000 sq ft, were purchased from KKR Real Estate Partners Europe II Fund and Mirastar – KKR Real Estate’s industrial and logistics platform in Europe.
A 394,970 sq ft unit is let to Supply Chain Coordination, a 258,534 sq ft unit is leased to 3PL operator Kammac, and the remaining 54,456 sq ft unit is currently vacant with “strong interest from several potential occupiers”. All of the units are EPC A and BREEAM Excellent rated.
Matthew Tatlock, vice president, Clarion Partners Europe, said: “Widnes, being a prime logistics destination, enjoys robust occupier demand and offers the advantage of proximity to two major regional metropolitan areas in the UK. This favourable location has limited availability and a muted development pipeline, creating an environment for future rental growth.”
Rory Buck, managing director, Clarion Partners Europe, added: “We believe that the UK logistics market currently represents an attractive investment opportunity. We have significant firepower to deploy into the market and as we expand our portfolio, our focus remains on acquiring newly developed, sustainable and high-quality logistics assets, leased to strong counterparties in locations benefiting from limited supply and upward pressure on rents.”
Clarion was advised by Gerald Eve and Goodwin Procter. The seller was advised by DTRE, CBRE, Clifford Chance and Osborne Clarke.
