Frogmore buys Lingfield Point business park from Clearbell fund

UK real estate manager Clearbell Capital has sold an 85-acre business park to Frogmore Real Estate Partners, on behalf of a fund it manages.

Clearbell said it sold Lingfield Point, a mixed-use business park, located in Darlington, for £44m (€49.5m).

Lingfield Point was acquired in November 2014 for £23.7m  as part of a cash-on-cash investment strategy. Following the acquisition, a series of lettings and asset management initiatives to drive income were undertaken, Clearbell said.

Dominic Moore, the head of Clearbell’s asset management and ESG director, said: “As businesses continue to demand more from their offices Lingfield Point is ushering in a new generation of modern workspaces. We’re proud to have been involved in the development of such a historic site.”

Patrick Smith, the head of acquisitions at Frogmore, said: “Tees Valley is a well-connected area to which businesses are attracted and we look forward to providing innovative real estate solutions for their requirements.

”Lingfield Point provides a strong cash on cash return of over 10% with significant potential to add value as well as providing both sector and geographical diversification for our investors.”

 

Related images

  • Clearbell Lingfield House

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2575

    Asset class: Core Real Estate Muli-Manager Separate Managed Account.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-20.

  • QN-2578

    Asset class: Sovereign Local Currency Emerging Market Debt.
    Asset region: Local emerging markets.
    Size: EUR 950m.
    Closing date: 2019-12-19.

Begin Your Search Now