Clarion Partners Europe has acquired a 558,000sqft UK portfolio of two logistics parks from a fund managed by Tristan Capital Partners for £80m (€93.8m).

The real estate investment fund manager specialising in logistics and industrial assets said it acquired the fully-let assets located in Redditch and Kettering from the EPISO 5 fund.

The assets are located in the so-called ‘Golden Triangle’ that links London with the universities of Oxford and Cambridge.

Matthew Tatlock, director at Clarion Partners Europe, said: “This acquisition aligns with our thesis of buying modern, under-rented assets in prime locations, with access to near-term reversion.

“Leveraging our strong partnerships, we continue to build a portfolio of assets with robust ESG credentials, optimally positioned for future rental growth.”

Clarion Partners Europe said the deal marks the second acquisition made on behalf of its UK-only logistics fund. The fund closed its first acquisition in January, with the purchase of a £28m warehouse in Coventry from BlackRock’s UK Property Fund.

Rory Buck, managing director, Clarion Partners Europe, said: “We are pleased to announce the closing of the second deal into our new UK logistics fund, securing two key distribution parks in the Golden Triangle.

“The UK remains a market where we see significant opportunity, given both the strong underlying fundamentals and the recent repricing due to a change in interest rates over the last 24 months.”

To read the latest IPE Real Assets magazine click here.

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