Westbrook Partners is buying a £172.5m (€200.8m) industrial portfolio in the UK from Chancerygate and Bridges Fund Management in a forward funding deal.
The real estate investor said it has agreed to buy the Urban Portal and the City Gateway developments.
The 347,177sqft Urban Portal, acquired from Chancerygate, comprises three multi-unit logistics developments located in Aston Clinton, Brackley and Leicester. It is expected to be completed in the next 12 months.
The 485,389sq ft City Gateway, comprises three multi-unit developments in Edinburgh, Leeds and Peterborough. The three schemes were jointly owned by Chancerygate and Bridges. The schemes are set for practical completion in the next 24 months.
Mark Donnor, managing principal of Westbrook Partners, said: “We are delighted to have concluded the deal with Chancerygate and Bridges Fund Management, in such a timely manner.
“The 832,000sqft of Grade A stock is already receiving strong occupational interest for a variety of units. JLL is instructed to pre-lease the portfolio.”
Chancerygate managing director, Richard Bains, said: “Our strategy of focusing on acquiring urban logistics sites and delivering Grade A schemes benefiting from strong environmental credentials has been borne out by the very strong interest we received for these portfolios.”
Bains said the funds from the disposal will be used by to invest in further strategic speculative development opportunities as Chancerygate continues to expand throughout the UK.
Guy Bowden, a partner at Bridges Fund Management, said: “We’re delighted to complete this forward-purchase, which we think is testament to the strong demand – from both investors and occupiers – for high-quality highly sustainable logistics developments. Bridges’ sustainable logistics portfolio continues to deliver both attractive financial returns for our investors and superior environmental outcomes.”
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