Clearbell clears £24m with Northern industrial sales
Five assets in the fund’s Polaris industrial portfolio amounting to a combined 1m sq ft have been traded in a series of transactions.
Clearbell Property Partners II LP, a fund managed by Clearbell Capital, reaped £24.85m from the deals. CPP and Gerald Eve represented the vendor.
The assets were sold to separate buyers in off-market sales.
In Sheffield, the two largest assets, Davy Markham Industrial Park and Sheffield Parkway, have been sold to a Midlands-based property company and a real estate investment fund respectively.
In Middlesborough, Clearbell has completed the sale of 1&2 Queensway, to Leader Online. having welcomed new tenants to both units on the site.
The smallest of the sites, Hutton Business Park in Rotherham has also been sold. In the six months prior to sale, the units had been fully let.
The final of the five assets, PM House in Sheffield, was sold to a private buyer at auction for £2.3m.
Clearbell acquired the Polaris portfolio comprising assets predominantly in the North of England, in August 2015. Clearbell acquired the portfolio to benefit from the growing momentum in the industrial market, and to reposition secondary assets to drive investor returns.
Rob West, managing partner of Clearbell Capital, said: “The completion of sales on these five key assets is an important step for our Polaris Portfolio and a clear demonstration of our patient, principled and forensic approach.
“These sales demonstrate that liquidity has returned to well-priced industrial assets. Our investment and asset management teams have done well to capitalise on this, growing income across the portfolio before returning capital to investors.”