Clearbell Capital’s UK value-add fund has sold a £32m (€37.6m) warehouse asset to AKA Dunedin.
The Clearbell Property Partners III fund has exited its Taurus portfolio with the disposal of the fully-let 615,000sqft warehouse in Bawtry Park near Doncaster.
The fund acquired Bawtry Park for £11m in May 2017 as part of the Taurus portfolio, with plans to relet the building in smaller parts, which was achieved by June 2021. In July 2021, Carlton Forest Group signed an overriding lease for the whole site, doubling the rental income.
The Bawtry Park deal follows the sale of two additional assets from the Taurus portfolio in the last 12 months. In March, the fund sold a 155,000sqft warehouse in Huddersfield for £8.4m to AKA Dunedin. Another 125,000sqft industrial site located in Huddersfield was sold to DG Asset Management in May last year for £7m.
Clearbell said following the sale of the Bawtry asset, the Taurus portfolio has been fully realised.
Dominic Moore, the head of asset management and ESG director at Clearbell Capital, said: “Investor appetite for large warehouses shows no signs of abating, as long-term structural changes like the rise of online shopping support the market.
“Occupiers continue to seek cost-effective industrial and logistics space that offers them the flexibility for both lease length and amount of space occupied.”
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