Clearbell Capital and Deva Capital have completed four acquisitions for circa £35m for their £250m UK logistics joint venture.
The assets, located in Bermondsey, Oxford, Rotherham and Sevenoaks, have been purchased from separate vendors.
In Bermondsey, the JV has acquired the 38,000 sq ft Galleywall Trading Estate, which is fully let to FedEx until March 2026. The asset will now undergo a comprehensive refurbishment.
In Oxford, Clearbell and Deva have purchased the 38,000 sq ft Unit B Langford Locks. The vacant unit, which features a 1.3-acre car park and 50m yard, will be refurbished before being re-let.
In Sevenoaks, the JV has acquired the 80,000 sq ft multi-let Mill Place property, which is let to seven tenants and will now undergo a phased refurbishment, and in Rotherham they have picked up the 89,000 sq ft Bessemer Way, which will be let to SCX Special Projects on a new 15-year lease.
Clearbell and Deva’s multi-let joint venture focuses on repositioning and modernising industrial assets through targeted ESG enhancements
Rob West, managing partner at Clearbell Capital, said: “These four acquisitions demonstrate the strength and momentum of our partnership with Deva Capital, as well as the depth of opportunity across UK logistics. We continue to build a diversified, well-located portfolio with a balanced mix of income-producing assets and properties with clear repositioning potential. Each asset presents a compelling opportunity to drive value through sustainability-led enhancement.”
Catherine Hong, managing director at Deva Capital, the real estate and corporate capital solutions investment arm of Santander Alternative Investments, added: “These recent acquisitions further scale our target £250m logistics platform with Clearbell and enhance the diversification of our strategy. Each asset offers attractive value creation potential alongside ESG-driven improvement and building upgrades. The UK light industrial market remains a high conviction theme for Deva and the wider Santander Alternative Investments platform.”
Clearbell and Deva were advised by Lambert Smith Hampton on the Bermondsey acquisition, Allsop advised on the Oxford deal, Lewis Ellis represented the JV on Sevenoaks and CPP acted on the Rotherham deal.
The vendors were advised by Aitchison Raffety (Bermondsey), Carter Jonas (Oxford) and Savills (Sevenoaks).
