Clearbell Property Partners II, a fund managed by Clearbell Capital, has sold the final asset in its mixed-use Amber portfolio for £8.4m (€9.74m) to Manchester-based property company Elstar.
The off-market sale of retail park Pride Leisure in Derby – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s – marks the conclusion of a break up of the portfolio, bringing total realisations of £174m of sales across 23 separate transactions.
Having originally been acquired from Abrdn in August 2015, the Amber portfolio totalled 2m sqft across 29 logistics, retail and office assets throughout England and Scotland.
Clearbell spent about £10m in capex in repositioning assets before selling them, including 60 leasing transactions and energy-efficiency improvements.
Rob West, managing partner at Clearbell, said: ”Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions.
“We acquired the portfolio in a buoyant market in 2015, before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”
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