InfraRed Capital Partners has bought a £93m UK industrial portfolio for its latest European real estate fund.

The manager’s £522m (€588m) InfraRed Active Fund IV fund has acquired a 1m square feet portfolio of 25 industrial estates plus two development sites with additional 0.2m square feet of space from Network Space.

The portfolio is located throughout the North West of the UK and Yorkshire.

InfraRed said it has acquired the portfolio to implement a value-add strategy. InfraRed will actively manage the assets and will develop out the two sites known as Ravens Locks in Salford and Carruthers Street in Liverpool.

Network Space will continue to be involved in the management of the portfolio for InfraRed.

James Cooper, a real estate director at InfraRed said: “InfraRed has a 25-year track record of investing in the industrial sector having acquired and managed over 16m sqft of assets. This portfolio fits our value-add strategy and our conviction in the growth prospects for the North West.”

Cooper said the company expects the portfolio to benefit from ongoing trends towards urban densification, relocation of service businesses into urban fringes and surging demand for last mile logistics.

“We will look to add to our urban logistic holdings in the UK over the coming quarters both in the regions and the Greater London area.”