Cain International has signed a deal to acquire 22 assets across the UK from Firethorn Trust.
The price tag of £550 mln (€659 mln) is for a package of sites totalling 3.25 mln ft2 including two newly built developments, plus five consented land sites that are on course for completion this year and the first half of 2023.
This marks a debut for Cain in the UK logistics market, with the transaction set for completion before the end of the quarter.
As part of the transaction, Firethorn Trust will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain.
Daniel Harris, senior managing director and head of European investment, said it was an off-market deal giving the firm a portfolio of ‘considerable scale and quality, as well as with a respected long-term partner’.
It follows the company’s recent announcement to build a portfolio of PBSA assets worth £1.5bn.
Peter Mather and Chris Webb, founding partners of Firethorn Trust said the company had created a strong logistics warehousing pipeline over the last three years in very good accessible locations throughout the UK.
‘We are delighted to have signed a sale and forward funding agreement with Cain International, a highly regarded global investor,’
Cain wants to grow the UK logistics platform to in excess of £1bn of value over the next 12-18 months.
Stephenson Harwood, PwC, Eastdil Secured and Quartz acted on behalf of Firethorn Trust.
Taylor Wessing, KPMG, Cushman & Wakefield and Paragon acted on behalf of Cain International.
Firethorn was formed in 2018 and sin then has acquired 190 acres across 7 sites and is delivering over 3.25 mln ft2 across the UK.
Cain was founded in 2014 and manages $10.8 bn (€9.72 bn) of assets internationally.
