Starz Real Estate has provided £17.1 mln (€20.5 mln) of senior acquisition and capex facilities for two light-industrial properties located in Bedfordshire and Cambridgeshire, UK.
The portfolio was acquired by a JV between Meadow Partners and Chesham Capital across two distinct transactions.
The Bedfordshire property, a multi-tenanted light-industrial estate of 153,000 ft2 (14,200 m2), was acquired from Telereal Trillium. The asset is located in the strategic A1 corridor and will concentrate the majority of the sponsors’ asset management efforts to complete several units’ refurbishment, lease up the few that are currently vacant whilst capturing reversion on occupied units.
The Huntingdon, Cambridgeshire property is the HQ of a leading UK audio equipment manufacturer and was acquired in a sale & lease back transaction on a 15-year FRI lease. Purpose-built in the early 2000s and sitting on 2.8 acres (1.1 ha) plot, the asset comprises 57,000 ft2 office, R&D and warehouse space with eaves height of 8.5m and has been the tenant’s only UK location since it took occupation in 2004.
The two properties are the seed assets of the JV which targets core+ / value-add opportunities in the UK light-industrial sector. Meadow and Chesham’s portfolio is expected to grow in the coming months as further opportunities currently under offer or in legals complete.
Gregoire Millet, director at Starz Real Estate, said: 'We are pleased to have worked with Meadow and Chesham on their acquisition of this high-quality portfolio of industrial assets in the UK.
'Whilst benefitting from a robust occupancy rate and weighted average lease term at entry, the assets do however present several asset management and value-add opportunities to unlock additional value that we believe Meadow and Chesham, thanks to their exemplary track-record in the sector, are best placed to capitalise and execute on.'
Meadow Partners were advised by Taylor Wessing, Blake Morgan, Daniel Watney and Hollis, and Starz by Wedlake Bell and Carey Olsen on the financing. Savills provided valuation services.
