A joint venture between Almcor and Cerberus Capital Management has purchased two UK sites for £50m for its European Industrial Outdoor Storage (EIOS) platform.
The two sites are the 48-acre Leyland Business Park in Preston and Melton Commercial Park, a 90-acre multi-let commercial estate in Melton Mowbray.
-Leyland Business Park, Preston, a 48-acre multi-let industrial and open storage site with substantial development and asset management opportunities. The site benefits from excellent connectivity being adjacent to West Coast Mainline and both the M6 and the M65.
-Melton Commercial Park, Melton Mowbray – a 90-acre multi-let commercial estate with opportunities for redevelopment and energy generation . The strategically located site also benefits from two rail sidings serving a Network Rail test facility.
The JV was launched in 2022 with €500m of allocated capital to deploy in target markets across the UK and mainland Europe.
The platform aims to aggregate income producing assets with the potential to generate strong returns through active asset management and the creation of a specialist sector operating model.
Peter McCluskey, Head of Active Value at Almcor, said: “These acquisitions provide an excellent snapshot into what we are doing in the EIOS platform. From the highly strategic location of Leyland Business Park to the critical rail facility in Melton, we’re quickly developing a diverse income producing portfolio with scope to drive value in a number of areas.
“Our Active Value platform builds on Almcor’s pedigree within the industrial and logistics sector, and we’re using this capability to unlock unrealised value potential through strategic acquisitions and active asset management. We’re actively looking for more EIOS investment opportunities across the UK and Europe.”
EIOS assets are typically of low building site cover with a core focus on location and occupier demand from tenants mostly associated with logistics and light industrial sectors. Target sites normally benefit from easy access to major road / rail networks, marine ports or airports and often have close proximity to established industrial and logistics zones.
Examples of target EIOS assets include freight consolidation terminals, HGV parking, container yards, low site cover industrial / business parks, fleet storage & maintenance facilities, and bulk material storage.
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