Clearbell Property Partners II LP said today that it has sold three retail warehouse assets to M7 for a combined price of £19.35m.
The fully let assets total over 150,000 sq ft and are located in Christchurch, Bolton and Ellesmere Port.
Clearbell Property Partners III LP also announced the acquisition of Orbital retail park in Cannock, Staffordshire from M&G Real Estate for £14.75m/at a yield of 11.8%.
The asset has been acquired fully let, with plans to carry out refurbishments to the assets over the coming months. The retail park is ideally located at a main junction in Cannock, within reach of the M6.
“The sale of Christchurch, Bolton and Ellesmere Port demonstrate the continued demand for retail warehouse assets that are well-let and offer sensible rents in desirable locations,” said Rob Mills, Partner at Clearbell Capital.
”Due to the resilience of the sector, we believe that the tenants at Cannock will trade strongly from the retail warehouse in this location in the future despite the uncertainty around rent collection for many landlords caused by the pandemic.”
Clearbell Property Partners II LP and Clearbell Property Partners III LP are both funds managed by Clearbell Capital LLP.