Clearbell Property Partners IV LP (Clearbell) has entered into a joint venture with Deva Capital as part of plans to grow its presence in the logistics sector.
Clearbell has also recapitalised its existing portfolio, acquired new assets and implemented sustainability-led asset management initiatives.
Its joint venture with Deva Capital will focus on driving the acquisition and repositioning of industrial assets across the UK and delivering high-quality logistics spaces through ESG-led enhancements.
The joint venture, which is targeting acquisitions of up to £150m, purchased an 18,000 sq ft industrial asset in West Byfleet in December last year and has also acquired Project Plus, a portfolio of two industrial assets in Gloucester and Manchester totalling 179,000 sq ft.
Clearbell has also completed the sustainability-led refurbishment of the Coventry78 industrial asset to enhance its operational efficiency.
Rob Cole, senior investment manager at Clearbell Capital, said: “Our joint venture with Deva Capital allows us to build further momentum in our logistics strategy, expanding our ability to acquire and reposition industrial assets in key locations. We are excited to develop this new partnership and keep unlocking further acquisition opportunities in near future.
“The acquisition of Project Plus and West Byfleet strengthens our portfolio with high-quality, well-located assets that offer strong rental growth potential. Meanwhile, our focus on ESG-led improvements, as seen with the Coventry78 refurbishment, ensures that we’re enhancing sustainability while meeting occupier demand.”
Julian Gallagher, partner at Lewis Ellis, which represented Clearbell on the West Byfleet and Project Plus acquisitions, added: “We are delighted to have advised Clearbell on the acquisition of Project Plus and the Ford Retail warehouse in West Byfleet. Project Plus comprises a portfolio of reversionary urban logistics assets located in Manchester and Gloucester.
“West Byfleet comprises a single let warehouse in an excellent location adjacent to the M25. All of the properties present a fantastic opportunity to improve ESG credentials and bring the units in line with modern institutional standards.”
