Clarion Partners Europe has acquired the 954,000 sq ft Frontier Park Blackburn in Blackburn from Monte Blackburn for £115m.
The logistics park, which was completed in phases between 2019 and 2022, comprises 18 units ranging from 6,100 sq ft to 161,000 sq ft and is currently 94% occupied by nine tenants.
The scheme is located two miles east of Blackburn city centre, adjacent to Junction 6 of the M65.
Neli Mihova, vice president of Clarion Partners Europe, said: “This was a rare opportunity to acquire a modern logistics scheme in the North West, below replacement cost. The region has been characterised by a shortage of modern stock and a muted development pipeline, underpinning the asset’s attractive reversion potential.”
Rory Buck, managing director of Clarion Partners Europe, added: “Despite continued market volatility, we have deployed a further £115m into the UK, demonstrating both our deal execution capabilities and the attractive opportunities that the current market dislocation is throwing up. This acquisition reflects our continued focus on modern logistics assets benefitting from supply constraints within UK logistics corridors.”
Clarion Partners Europe was advised by DLA Piper, Hollis and Atlas Real Estate. Freeths acted for Monte Blackburn on the deal.
