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.”