Real estate investment manager Vengrove has completed the acquisition of two mid-box logistics assets in the West Midlands and North West for £24.65m.
The assets were acquired from an institutional vendor for VRE Evergreen Logistics Partners (VREELP) – Vengrove’s light industrial and logistics vehicle, which manages properties across the UK, Germany and France.
The 67,847 sq ft West Midlands asset, which is located on Rabone Park in Smethwick, comprises two self-contained mid-box units let to two tenants. The North West asset provides 129,236 sq ft across three fully let self-contained units on Stone Cross Park in Warrington (pictured).
Around half the income is subject to a lease event within the next three years and Vengrove intends to carry out sustainability upgrades in line with the strategy’s ESG targets.
Will Hunting, partner and head of European acquisitions at Vengrove, said: “These assets build critical mass in two of our target UK markets and offer the combination of defensive income from good-quality real estate and credit, alongside clear asset management upside we can capture through our own teams.
“Ownership across the sector has consolidated to the point where there are now very few genuinely independent pan-European managers left, and that scarcity allows our strengths to shine. Vengrove is nimble enough to move quickly, with the institutional backing and governance that capital partners increasingly expect. We are putting that to work across all of our core European markets.”
Vengrove was advised by Index RE, Simmons & Simmons, Air Building Consultancy and Nova Ambiente. The vendor was advised by Kimmre and CMS.
