Clearbell Capital and joint venture partner Deva Capital have acquired two logistics assets totalling circa 80,000 sq ft for circa £17m.
In Northampton, the JV has acquired the 52,000 sq ft Unit 2 on Ravens Way at Crow Lane Industrial Estate, which is currently occupied by packaging manufacturer Smurfit Westrock UK, and in Park Royal, the JV has acquired Hanover West Industrial Estate (pictured) – a 27,000 sq ft site comprising 12 units.
The JV partners have also completed a number of lease renewals and new lettings across their existing portfolio. In Avonmouth, Eurocarb Products has renewed the lease on its 21,500 sq ft unit for a further 10 years, in Wolverhampton, precision engineering business Accura Engineering has renewed its 22,900 sq ft unit on a five-year lease, and at Cordwallis Industrial Estate in Maidenhead, pipework supplier R Tindall Fabricators has taken an additional 4,800 sq ft unit.
Rob West, managing partner at Clearbell Capital, said: “We are pleased with these new additions to the portfolio, both of which contain clear levers for value creation. The lease renewals are a good example of our commitment to delivering meaningful quality and energy efficiency improvements that tenants value. This is evidenced by the speed of the lettings which is a credit to our asset management team.”
Catherine Hong, managing director at Deva Capital, added: “These new acquisitions further scale up our platform with Clearbell and enhance the diversification of our strategy. The latest leases across the portfolio continue to validate the investment strategy and showcase how ESG-driven improvements and building upgrades help us deliver competitive solutions for our tenants. The UK light-industrial market remains a high-conviction theme for Deva and the wider Santander Alternative Investments platform.”
Clearbell and Deva Capital were advised by Lewis Ellis on the Northampton acquisition, SBY on Park Royal and by AY for the letting in Wolverhampton.
