Clearbell Capital’s UK value-add real estate fund has made its first acquisition.

Clearbell Property Partners III, which raised £310m (€348m) last month, said it has acquired Octagon Retail Park in Stoke for £28m.

The site comprises 137,000sqft in total and is currently let to eight tenants, including DFS, Wren Kitchens and Sofology.

Rob West, a partner at Clearbell Capital, said: “Retail is the main sector currently experiencing real distress, and this is starting to be reflected in pricing. The key is to buy off sustainable, rebased rental levels.

“Our research indicates that consumers purchasing large, expensive items like furniture tend to try before they buy and this is driving footfall resilience in retail warehousing.”

An earlier version of this story incorrectly named Sofaworks as one of the eight tenants. It was due to an error at source.