Real estate investor and developer hits the mark with logistics acquisition

Arrow Capital Partners, a specialist investor, developer and manager of real estate in Europe and Asia-Pacific, has completed the off-market acquisition of a logistics warehouse in Birstall, near Leeds.

This is for Arrow Capital Partner’s strategic industrial real estate (SIRE) joint venture with Cerberus.

Purchased for £10.35m, the 140,000 sq ft logistics warehouse was acquired from the occupier in a sale and leaseback transaction.

Birstall 140 is close to the intersection of the M621 and M62 and includes a two-storey office block which has recently been refurbished.

The occupier, XL Joinery, is heavily invested in sustainability and currently operates as a carbon neutral business.

Rob Howe, head of real estate, Europe at Arrow Capital Partners, said: “This purchase marks our first acquisition for our SIRE joint venture with Cerberus in 2023.

“This investment was particularly compelling due to our strong conviction on rental growth in the West Yorkshire submarket, the excellent ESG credentials of this particular asset and is highly complementary to our existing portfolio in the region.

“We are actively pursuing similar value opportunities across Europe in targeted high density urban markets where we see strong and sustainable growth prospects.”

Knight Frank and CBRE advised on the acquisition.