Property Alliance Group JV sells nine industrial assets to Valor Real Estate
A Property Alliance Group joint venture has sold a portfolio of industrial assets across the North West to Valor Real Estate for an undisclosed sum.
A total of nine assets have been acquired by Valor, including Kingsland Grange in Warrington, South Lancs industrial estate in Ashton, and an industrial property in Hadfield Street in Manchester.
Alliance formed the joint venture four years ago to develop and asset manage an extensive property portfolio and maximise returns for investors over a five-year period.
The Valor deal means that the joint venture has hit its financial target a year ahead of schedule.
Alex Russell, managing director of Alliance, said: “The sale to Valor is testament to the hard work of our team and our ability to maintain and enhance assets to the highest standards as well as provide tenants with the best service whilst maximising value for our partners.
“We look forward to investing in new alliances in due course and continue to actively seek opportunities for acquisitions across sectors.”
Dominic Sidoli of ADS Real Estate and Shoosmiths acted for the PAG JV and CBRE acted for Valor.
Property Alliance Group is a property development and investment company with a portfolio value of some £260m, together with a nationwide development programme.
Based in Manchester, the company’s expertise spans the industrial, commercial and retail and leisure sectors and its developments have acquired a reputation of cutting edge design and quality.
In 2018, Alliance is bringing forward schemes with a combined value of more than £200m, including Axis Tower, Oxygen, 3 St Peter’s Square, and 55 Portland Street.
The firm has a strong reputation for refurbishing listed buildings with previous projects including the renovation of Freetrade Exchange on Peter Street in Manchester, which was awarded the ‘Best Office Refurbishment in The North’ by The British Council of Offices and the best ‘Conservation, Re-Use and Conversion’ accolade by the Manchester Society of Architects.
