Golden Triangle shed acquired in £28m deal
Clarion Partners Europe has made its first investment from its UK logistics fund with the acquisition of a 208,000 sq ft warehouse in Coventry.
BlackRock has sold the BREEAM Very Good asset on Middlemarch Business Park in a deal worth £28.25m.
An online pet supplies and accessories retailer occupies the property in the Golden Triangle distribution hub on a 10-year lease, with more than four years remaining
It represents the first deal on behalf of Clarion Partners Europe’s logistics fund which last month achieved a final close with £427 million of equity commitments.
Clarion took a seven-year break from the logistics market and is now set to target high-quality, ESG-compliant assets in established UK logistics hubs.
The firm is looking to invest in a range of classes from last mile logistics to big box single tenant warehouses as well as investing in underperforming assets and selective development opportunities.
Matthew Tatlock, vice president of Clarion Partners Europe said: “This is a rare opportunity to acquire a Grade A logistics property with immediate reversionary potential. The West Midlands is one of our high conviction regions, where strong occupier sentiment is underpinning robust future rental growth prospects.”
Rory Buck, managing director of Clarion Partners Europe, added: “We are delighted to have completed this transaction as part of our new UK-only logistics fund strategy. With significant capital to deploy into the UK market our focus will remain on acquiring newly developed, sustainable and high-quality logistics assets leased to strong counterparties in locations benefiting from limited supply and upward pressure on rents.”
Clarion Partners Europe was advised by Montagu Evans and Gowling WLG. The seller was advised by Fulwell Capital and CMS.
