Clarion Partners Europe has purchased two mid-box logistics assets in Kettering and Redditch from Tristan Capital Partners’ European Property Investors Special Opportunities 5 (EPISO 5) fund and Canmoor Asset Management for £80.15m.
Velocity 42 in Redditch comprises four units totalling 287,000 sq ft and Crossfire 14 in Kettering comprises 271,000 sq ft across five logistic units. Both schemes were built in 2019, have BREEAM Very Good and EPC A ratings and are fully let.
Matthew Tatlock, director at Clarion Partners Europe, said: “This acquisition aligns with our thesis of buying modern, under-rented assets in prime locations, with access to near-term reversion. Leveraging our strong partnerships, we continue to build a portfolio of assets with robust ESG credentials, optimally positioned for future rental growth.”
Rory Buck, managing director of Clarion Partners Europe, added: “We are pleased to announce the closing of the second deal into our new UK logistics fund, securing two key distribution parks in the Golden Triangle. The UK remains a market where we see significant opportunity, given both the strong underlying fundamentals and the recent repricing due to a change in interest rates over the last 24 months.”
Annabel Cullen, director at Tristan Capital Partners, said: “With their well-connected, highly accessible locations, Velocity 42 and Crossfire 14 were excellent acquisitions for our EPISO 5 fund. Throughout our tenure, both estates have benefited from a positive series of leasing deals and attracted high quality tenants. There is clear investor appetite for well-located logistics assets which can provide secure, reversionary income. We saw this as the right time to sell and ensure strong returns for our investors.”
Tom White, director at Canmoor Asset Management, added: “Both Redditch and Kettering assets were acquired during the covid pandemic, but there was clear optimism in both the occupational and capital markets for well-located, best in class mid-box logistic assets. These fundamentals were are at the heart of the business plan and we’re pleased with the leasing results and active asset management of these assets over the hold period to deliver this result for our partner.”
Clarion Partners Europe was advised by Gerald Eve and Gowling WLG. Tristan and Canmoor were advised by DTRE, CMS and PwC.
