London-based fund manager Clearbell Capital has acquired a logistics and industrial portfolio in the UK on behalf of one of its funds for £32 mln (€38 mln).
The investment volume reflects a net initial yield of 8.5%.
The 78,470 m2 portfolio consists of 12 assets located across the UK. An asset management strategy will be pursued across a number of the assets, focusing on re-gears, refurbishment and new leases. There will also be a programme to increase energy efficiency and rental value at a number of the sites.
Clearbell said that it has set additional equity aside to acquire more assets to complement the portfolio. It will target further acquisitions in the £5 - £15 mln range, focusing on the logistics sector where there is a continued lack of quality space.
Rob West, partner at Clearbell, said: 'In 2016 29.4 million square feet (2,731 m2) of logistics space was taken up by occupiers – well ahead of the previous long-run average. The continued growth of online sales has left the sector undersupplied.
'This portfolio represents an excellent platform for growth and development, as we seek to service significant and growing tenant demand. With a net initial yield of 8.5% rental income will be a significant driver of return.'
The vendors were funds managed by Aviva Investors. JLL acted on the sell side and Clearbell was advised by Capita.
