Almcor and joint venture partner Cerberus Capital Management have invested £50 mln (€58 mln) in two UK sites for its European industrial outdoor storage (EIOS) platform.
The JV was launched in 2022 with €500 mln of allocated capital to deploy in target markets across the UK and mainland Europe. The platform aims to aggregate income producing assets with the potential to generate strong returns through active asset management and the creation of a specialist sector operating model.
EIOS assets are typically of low building site cover with a core focus on location and occupier demand from tenants mostly associated with logistics and light industrial sectors. Target sites normally benefit from easy access to major road / rail networks, marine ports or airports and often have close proximity to established industrial and logistics zones.
The recent acquisitions include Leyland Business Park, Preston, a 48-acre (20 ha) multi-let industrial and open storage site with substantial development and asset management opportunities. The site is adjacent to West Coast Mainline and both the M6 and the M65.
The platform has also bought Melton Commercial Park, Melton Mowbray, a 90-acre multi-let commercial estate with opportunities for redevelopment and energy generation. The site also benefits from two rail sidings serving a Network Rail test facility.
Peter McCluskey, head of active calue at Almcor, said: 'These acquisitions provide an excellent snapshot into what we are doing in the EIOS platform. From the highly strategic location of Leyland Business Park to the critical rail facility in Melton, we’re quickly developing a diverse income producing portfolio with scope to drive value in a number of areas.
'We’re actively looking for more EIOS investment opportunities across the UK and Europe.'
Examples of target EIOS assets include freight consolidation terminals, HGV parking, container yards, low site cover industrial / business parks, fleet storage & maintenance facilities, and bulk material storage.
At Leyland Business Park, PK3 represented Almcor and Cerberus with BHT acting for the seller, Ainscough Properties Limited. Lambert Smith Hampton acted for Almco at Melton Mowbray, with Savills representing the sellers Harworth Group.
