Clearbell sells four industrial assets to Blackstone for £45m

Clearbell sells four industrial assets to Blackstone for £45m

Clearbell Capital managed fund Clearbell Property Partners II LP has sold four industrial and logistics assets from its Amber portfolio for £45m to real estate funds managed by Blackstone.

The assets will be incorporated into Mileway, Blackstone’s pan-European last mile logistics platform.

The Amber portfolio comprises four industrial and logistics assets located throughout the UK: Dumers Lane in Bury, Sheffield Business Park in Sheffield, Vantage Point in Bedford and Kinning Park in Glasgow.

The sale follows a similar deal in March 2020, in which another fund managed by Clearbell Capital sold its industrial and logistics Cara portfolio to Blackstone for £120m.

The Amber portfolio was acquired in August 2015 to take advantage of the opportunities for growth in industrial and mixed-use assets. Since then, Clearbell has undertaken a programme of asset management, including letting vacant space and regearing existing leases. Prominent tenants across the portfolio include modular housing company Vision Modular in Bedford, and Sambro International toy distributor.

“There continues to be sustained demand for well-located industrial space across the UK, particularly given the boom in online retail led demand for warehousing resulting in record levels of take up in 2020,” said Adam James, Asset Management Director at Clearbell Capital.

“We expect that industrial assets yields will remain robust due to the supply and demand dynamics,” he added.