Clearbell Property Partners has sold 150,000 m2 of prime logistics in the UK to real estate funds managed by Blackstone.
The assets, which formed part of Clearbell's Nevado distribution and logistics 'last mile' portfolio, were sold for an undisclosed sum.
'Last mile' logistics assets attempt to meet the challenges faced by retailers and distributors driven by intensifying consumer demand with shorter turnaround times.
'We recognised the increased demand from retailers and distributors for well-located warehouses to support consumer delivery demands across the UK,' commented Rob Mills, partner at Clearbell. 'Over the past two years we have built up the Nevado portfolio with quality assets that meet these demands. We were confident that the well located and good quality buildings would attract strong tenant and investor interest and this has been proven correct.'
Since April 2014, the Nevado portfolio has been built up to eight assets, four in Greater Manchester and one in Peterborough, Maidstone, Leicester and Banbury respectively. Since acquiring the assets, 42,735 m2 of new leases have been secured and a range of asset management initiatives have been pursued, including the development of three additional units, according to Clearbell. A 18,766 m2 warehouse unit in Peterborough was let on a 25-year lease to UK cereal manufacturer Bokomo earlier this year.
Other tenants in the portfolio include a major online retailer, Shop Direct, Radial Inc and Cash Converters.
