Prime Midlands logistics assets acquired in £80m deal

Crossfire 14 at Kettering

Two logistics assets have been sold to Clarion Partners, in a deal worth £80.15m.

Tristan Capital Partners’ EPISO 5 Fund and Canmoor Asset Management have completed the sale of the mid-box logistic schemes in Kettering and Redditch.

Velocity 42 at Redditch, consists of four units across 287,000 sq ft and Crossfire 14 at Kettering, has five units spanning 271,000 sq ft. Both schemes were built in 2019 and benefit from BREEAM “Very Good” certifications and EPC “A” ratings.

Under EPISO 5’s ownership and the strategic asset management of Canmoor, occupancy has increased from 14% to 100% and rents have grown by 35% over the period.

Annabel Cullen, Director at Tristan Capital Partners, said: “With their well-connected, highly accessible locations, Velocity 42 and Crossfire 14 were excellent acquisitions for our EPISO 5 fund. Throughout our tenure, both estates have benefited from a positive series of leasing deals and attracted high quality tenants. There is clear investor appetite for well-located logistics assets which can provide secure, reversionary income. We saw this as the right time to sell and ensure strong returns for our investors.”

Tom White, Director at Canmoor Asset Management, said: “Both Redditch & Kettering assets were acquired during the covid pandemic but there was clear optimism in both the occupational and capital markets for well located, best in class mid-box logistic assets.

“These fundamentals were are at the heart of the business plan and we’re pleased with the leasing results and active asset management of these assets over the hold period to deliver this result for our partner.”

Tristan and Canmoor were advised by DTRE, CMS and PwC.