Clearbell Property Partners II LP, a fund managed by Clearbell Capital LLP, has completed the sale of the final asset in its mixed-use Amber portfolio for £8.40 million to Manchester-based property company Elstar.
The off-market sale of major sports complex Pride Leisure in Derby – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s- marks the conclusion of the portfolio break-up, bringing total realisations of £174 million of sales across 23 separate transactions.
Having originally been acquired from abrdn in August 2015, the Amber portfolio totalled 2 million sq ft across 29 assets throughout England and Scotland, allocated across the logistics, retail and office sectors. Clearbell has spent c.£10million capex on repositioning assets before selling on completion of asset management objectives.
Rob West, Managing Partner, Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions.
“We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”
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