Clearbell Capital’s UK real estate fund has invested £34m (€39.3m) to buy a portfolio of six industrial assets from Palace Capital.
The Clearbell Property Partners IV fund has acquired the 312,000sqft of assets located in Coventry, Avonmouth, Newbury, Kettering, Burgess Hill and Verwood.
The portfolio generates £2.2m per annum and is 97% occupied by businesses including e-commerce, manufacturers and distributors, Clearbell Capital said, adding that the assets will “offer asset management opportunities to grow the rents and improve the ESG credentials of the units”.
Rob Cole, senior investment manager at Clearbell Capital, said: “We believe these assets represent good value in the current market, specifically offering us the opportunity to institutionalise and improve the rental tone.
“This will also form the basis of our industrial aggregation strategy for the latest fund. Although it has been a turbulent 12 months, the industrial market is showing signs of stabilising and is still supported by strong baseline fundamentals, remaining a key investment theme for us.”
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