Funds managed by Blackstone and M7 Real Estate have acquired a £320m (€363.3m) UK industrial portfolio from InfraRed Capital Partners.
InfraRed Capital Partners said it is selling the portfolio of UK light industrial assets on behalf of its Active Real Estate Fund III.
The portfolio comprises 4.5m sqft of light industrial space across 40 properties located mostly in the North West and the Midlands along the M6 corridor.
InfraRed created the portfolio through multiple acquisitions, the first of which took place in 2014.
James Cooper, the director of real estate at InfraRed Capital Partners, said: “InfraRed has been investing in the light industrial sector since the mid-1990s and we are delighted to have successfully completed the aggregation of this regional portfolio over the last 4 years.
“We have added significant value to the portfolio through asset management initiatives - during our hold period we increased the portfolio income by approximately 20% through completing a good proportion of our asset management initiatives ahead of time.”
The current acquisition by Blackstone and M7 follows a previous deal in 2017.
IPE Real Assets reported in March 2017 that Blackstone and M7 are buying a €1.28bn portfolio of Dutch and German assets to add to the light industrial assets already owned and managed by Blackstone and M7.
