JR Capital and Chancerygate’s UK multi-let industrial property fund has acquired two sites.
The fund has invested £6.2m (€7m) to buy the Clyde Gateway Trade Park site in Glasgow and the Eagle Industrial Estate in Leeds.
The 27,409sqft Clyde Gateway Trade Park site, comprising four light industrial units, was acquired for £2.35m and the 55,700sqft site in Leeds, made up of seven light industrial units was acquired for £3.8m, the companies said.
The acquisitions bring the fund’s total investments to £50m comprising 650,000sqft of industrial space across 12 assets ranging from Glasgow to Northampton.
The companies said the has a further £50m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
JR Capital head of investments, Michael Ferris, said: “The acquisitions in Glasgow and Leeds are excellent additions to our growing portfolio and help us increase the fund’s presence across in the UK.”
Ferris said the Clyde Gateway Trade Park is the fund’s first acquisition in Scotland and” enables us to enter an exciting and important market with strong underlying fundamentals”.
Chancerygate asset manager, David Tyson, said: “The fund’s investment in these two sites is indicative of the confidence we have in the industrial property market, where we are seeing growing demand for high-quality light industrial and warehousing space driven by the needs of a diverse range of businesses.
“That trend is clearly visible at both Clyde Gateway Trade Park and Eagle Industrial Estate, which play home to a number of diverse, well-established businesses. Combined with the prime location of these sites, these fundamentals make both assets great additions to the fund’s portfolio.”
To read the digital edition of the latest IPE Real Assets magazine click here.