Infinity JV buys Crossley Park for £3.2m

MANCHESTER-based private equity firm Infinity has teamed up with property investor 53N to buy the Crossley Park industrial complex in Stockport for £3.2m.

Crossley Park, which is currently 60% let and reflects a net initial yield of 12%, combines industrial and warehouse units with open storage land.

Infinity and 53N said they intend to maximise the value of the asset through break up, refurbishment and letting of the vacant space.

Purchased out of receivership, the acquisition follows Infinity’s business model of buying at distressed levels and using the skills of its property team to enhance value.

Daniel Finestein, partner at Infinity, said: “We are increasingly being offered attractively priced deals. Our investment approach allows us to make deals such as Crossley Park available to smaller investors who because of high inflation and low interest rates are keen to invest in property but who ordinarily would be unable to access this size of deal on their own. By investing with us, they are assured of an FSA regulated company with vast experience in the property sector, which has access to a broad range of deals offering attractive returns with relatively low risk.

“In contrast to institutional funds, our investors have a real input into which properties are acquired and a say in the decision-making process. Encouragingly, we’re seeing a strong demand from private investors in the North West and are currently looking at a number of additional deals in the region.”

Andrew Waugh of 53N said: “This is a good example of how 53N secure, finance and manage opportunities where value can be added through strategic co-operation with appropriate partners. We are delighted to be working on a further project with Infinity.”

Santander provided debt funding for the deal. The team was advised by Weightmans, Gorvins and Knight Frank.