Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital, has sold its industrial and logistics Cara portfolio in the UK for £120 million to Blackstone‘s Mileway platform.
The Cara portfolio comprises of 22 small-to-medium sized industrial and logistics assets located throughout the UK. The portfolio, which totals over 2m sq ft, primarily includes warehouses and logistics sites in suburban, last-mile locations.
Rob West, Partner at Clearbell Capital, says: ”This deal demonstrates the resilience of the industrial and logistics sector. Despite uncertainty around COVID-19, we’re unlikely to see appetite for warehouses and logistics sites wane in the medium to long term.”
A number of assets in the portfolio have recently undergone refurbishments, including new roof coverings at assets in Leeds, Thetford, Shepley, Bromborough and Warrington. In addition, units at Mansfield, Shepley and Knowlsey have been reconfigured to provide more economically viable space, with a number of EV charging points also installed.
