Clearbell Property Partners II LP has sold the Pride Leisure sports complex in Derby to Manchester-based property company Elstar for £8.4m.
The off-market sale of the complex by Clearbell Capital on behalf of the fund marks the conclusion of the break-up of the 2m sq ft mixed-use Amber portfolio, which was acquired from abrdn in August 2015.
Clearbell has spent circa £10m on repositioning assets before selling on completion of asset management objectives and has generated sales of £174m across 23 separate transactions.
Rob West, managing partner at Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions. We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, Covid-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”
