Blackstone funds have bought a £45m (€49m) UK industrial portfolio from a fund managed by Clearbell Capital.

The Clearbell Property Partners II fund said, the four assets, which were sold from its industrial and mixed-use Amber portfolio will be incorporated into Blackstone’s pan-European last-mile logistics platform Mileway.

The portfolio comprises industrial and logistics assets located at Dumers Lane in Bury, Sheffield Business Park in Sheffield, Vantage Point in Bedford and Kinning Park in Glasgow.

The Clearbell fund acquired the Amber portfolio in August 2015 to take advantage of the opportunities for growth in industrial and mixed-use assets. Since then, Clearbell has undertaken a programme of asset management, including letting vacant space and regearing existing leases.

Following the sale, the Amber portfolio has four assets remaining.

The latest disposal follows a similar deal in March last year, in which another fund managed by Clearbell Capital sold its industrial and logistics Cara portfolio to Blackstone for £120m.

Adam James, asset management director at Clearbell Capital, said: “There continues to be sustained demand for well-located industrial space across the UK, particularly given the boom in online retail-led demand for warehousing resulting in record levels of take-up in 2020.

“We expect that industrial assets yields will remain robust due to the supply and demand dynamics.”

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