Clarion Partners Europe, the real estate investment fund manager specialising in logistics and industrial assets, has acquired two logistics parks in Redditch and Kettering, prime Golden Triangle distribution locations, for £80 million, from EPISO 5, a fund managed by Tristan Capital Partners. The transaction is the second on behalf of Clarion’s UK-only logistics fund (the “Fund”), which recently announced a final close with £427 million of equity commitments.
Totalling 558,000 sq ft, the two BREEAM Very Good certified¹ estates were constructed in 2019 and are 100% let to nine tenants.
The larger estate, in Redditch, the West Midlands, comprises four units ranging from 55,000 to 93,000 sq ft and is leased to occupiers in the clothing, pet supply and freight services sectors. It benefits from access to both the M40 (London and the South-East) and M6 (South-West) motorways within 15-minutes’ drive time.
The smaller estate in Kettering, the East Midlands, benefits from direct access to the A14 motorway, allowing for access to the M1 and A1 national motorways (North to South) and M6 within 30 minutes’ drive time. The five units range from 25,000 to 100,000 sq ft and are occupied by tenants in the 3PL, food production, packaging and charity sectors.
Source: press release sent 8 March 2024