Clearbell adds 8th asset to UK logistics portfolio

Clearbell Capital has purchased a logistics scheme with development potential near the UK city of Birmingham for an undisclosed sum.

Banbury Cross is located at Junction 11 of the M40 motorway, some 48 kilometres south of Birmingham. The scheme is less than an hour's drive from the M25, providing access to service markets in the West Midlands, London and the South East.

The project is the eighth purchase by the Clearbell Capital private equity real estate fund management business for its distribution and logistics portfolio.

Clearbell has appointed First Industrial as development manager for a £17 mln (€24 mln) speculative development of two distribution warehouses at the site, one of 10,200 m2 and the other at 15,607 m2.

First Industrial has already delivered a 20,813 m2 building at Banbury Cross, which was taken up by toy retailer The Entertainer early last year.