JR Capital and Chancerygate have purchased the industrial estate comprising seven fully-let units totalling 55,780 sq ft on Crow Lane Industrial Park in Northampton from asset management company Columbia Threadneedle Investments.
Crow Lane Industrial Park is situated three miles east of Northampton town centre on Hartburn Close and benefits from quick links to the A45 dual carriageway, M1 and A14 (A1/M1 link).
The seven units range from 3,225 sq ft to 28,665 sq ft. Current occupiers include building materials supplier Wolseley UK, independent electrical wholesaler Midshires Electrical and Lighting and frozen and chilled food same day delivery service Route 1 Fulfilment.
Commenting on the acquisition, Chancerygate asset management director, George Jerram, said: “Our investment in Northampton is indicative of the confidence we have in the local market for urban logistics property. It is an excellent fit for our investment and asset management strategy. Demand for urban logistics accommodation remains strong both regionally and nationally. Crow Lane presented us with a great opportunity to enhance the geographical spread of our portfolio with an established asset in an excellent location. We are active asset managers and will be looking to further enhance the site for the benefit of our occupiers and investors.”
JR Capital’s head of investment, Michael Ferris commented: “We are pleased to have completed on the second acquisition for the new fund. Crow Lane Industrial Park is well located in Northampton and will provide the fund with a well-diversified income stream and opportunities to add value in the near term. We remain extremely bullish on the UK multi-let industrial sector due to the favourable macroeconomic fundamentals and the recent adjustments to pricing has created a buying opportunity for us.We expect to be active over the course of this year as we continue to scale our platform with Chancerygate to more than €226.4m (£200m).”
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