Harbert European Real Estate Fund II, L.P. and Harbert European Real Estate Fund II (Parallel), L.P. (collectively, 'Harbert'), have sold a portfolio of five class A logistics properties that they purchased in June 2009.
The portfolio was sold to London and Stamford Property Plc through a corporate sale for £82 million (approx. 96.7 million). The properties contain a total of approx. 80,000 m² ( let to Next Group Plc, Keystone Distribution UK Ltd, Gist Ltd, NYK Logistics (UK) Ltd and French Connection UK Ltd. Rental income for the portfolio is £6.06 million and the leases have a weighted average term of 10.9 years.
Scott O'Donnell, Senior Managing Director of HMC Europe, said "Whilst we remain a net buyer of UK real estate, we were able to achieve our business plan with respect to this portfolio much earlier than anticipated. As much as we are always looking for what we believe to be attractive investment opportunities, likewise, we are always looking to take advantage of opportunities to exit existing investments. This transaction was a very good result for our fund and our investors".
Harbert Management Corporation is an alternative asset investment management firm that manages 11 different investment strategies. The European real estate investment team has offices in London, Luxembourg, Amsterdam, Paris and Madrid.
Harbert was advised by Dowley Turner Real Estate LLP and Travers Smith LLP.