Clearbell Property Partners II LP has sold five assets totalling more than 1m sq ft for £24.85m from its Polaris industrial portfolio.
The fund, which is managed by Clearbell Capital, sold Davy Markham Industrial Park and Sheffield Parkway (pictured) to an unnamed Midlands-based property company and a real estate investment fund respectively.
In Middlesborough, Clearbell sold 1&2 Queensway, to Leader Online and in Rotherham it sold Hutton Business Park to an unnamed buyer. The final asset – PM House in Sheffield – was sold to a private buyer at auction for £2.3m.
Clearbell acquired the Polaris portfolio, comprising assets predominantly in the North of England, in August 2015.
Rob West, managing partner at Clearbell Capital, said: “The completion of sales on these five key assets is an important step for our Polaris portfolio and a clear demonstration of our patient, principled and forensic approach. These sales demonstrate that liquidity has returned to well-priced industrial assets. Our investment and asset management teams have done well to capitalise on this, growing income across the portfolio before returning capital to investors.”
Clearbell was advised by CPP and Gerald Eve.
