Clarion Partners Europe has added a £115m (€135m) logistics park to its portfolio.
The real estate investment fund manager said it has acquired the 954,000sqft Frontier Park Blackburn asset in Blackburn, North West England from developer Monte Blackburn.
Neli Mihova, vice president at 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, said: “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.”
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