Paloma Capital has expanded its portfolio with the acquisition of a 345,000sqft industrial estate in West Yorkshire, England from Cording Real Estate Group.

Cording said it has sold Greens Industrial Estate in Wakefield for £14m (€15.9m) to the private equity real estate management firm set up in 2015 by former Schroders fund manager Joe Froud and Helical Bar director Jack Pitman.

The multi-let estate comprises 21 industrial units and a three-storey office building on a 21-acre site. The estate is let to 16 tenants with six vacant units, producing a total rent of £1.27m per annum.

Greens Industrial Estate is the fourth asset to be sold from a portfolio of six UK industrial estates, which Cording acquired in March 2015 for £51m. The remaining two estates are located at Wigan and Wolverhampton.

Adam Crickmore, a fund manager at Cording, said: “Following a number of very good results for the fund, we have again proved our business model of adding value through strong implementation of solid business plans and good asset management initiatives.

“The sale of Wakefield follows the successful implementation of our strategy with significant capital expenditure invested, which reduced the level of voids and led to higher rents and longer lease lengths.”

In July last year, Paloma Capital raised £140m for its debut fund, focused on the UK and added senior debt to bring Paloma Fund I’s capital to £300m. It also said it has access to further capital through co-investments if necessary to complete larger transactions.

Paloma Capital’s previous deals include the acquisition of 21 assets through 16 transactions, including industrial parks in Stockport, Manchester, Redditch, Sheffield, and Portsmouth.

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