Investment fund swoops for 56,000 sq ft industrial portfolio
A £150m multi-let urban logistics investment fund managed by JR Capital and Chancerygate has snapped up a portfolio of seven fully-let units in Northampton.
The units at Crow Lane Industrial Park were purchased from Columbia Threadneedle Investments for an undisclosed sum. The deal is the fund’s second acquisition to date.
The seven properties total 55,780 sq ft and range in size from 3,225 sq ft to 28,665 sq ft. Current occupiers include building materials supplier Wolseley UK, independent electrical wholesaler Midshires Electrical and Lighting and frozen and chilled food same day delivery service Route 1 Fulfilment.
George Jerram, asset management director at Chancerygate, said: “Our investment in Northampton is indicative of the confidence we have in the local market for urban logistics property. It is an excellent fit for our investment and asset management strategy.
“Demand for urban logistics accommodation remains strong both regionally and nationally. Crow Lane presented us with a great opportunity to enhance the geographical spread of our portfolio with an established asset in an excellent location.
“We are active asset managers and will be looking to further enhance the site for the benefit of our occupiers and investors.”
The £150m fund will last for five years and target industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.
JR Capital’s head of investment Michael Ferris, said: “We are pleased to have completed on the second acquisition for the new fund.
“Crow Lane Industrial Park is well located in Northampton and will provide the fund with a well-diversified income stream and opportunities to add value in the near term.
“We remain extremely bullish on the UK multi-let industrial sector due to the favourable macroeconomic fundamentals and the recent adjustments to pricing has created a buying opportunity for us.
“We expect to be active over the course of this year as we continue to scale our platform with Chancerygate to more than £200m.”
Allsop acted on behalf of Chancerygate and JR Capital, while Collingwood Rigby acted for Columbia Threadneedle Investments.
