Clarion Partners Europe has acquired two logistics parks in Redditch and Kettering, prime Golden Triangle distribution locations, for €93.6m, from EPISO 5, a fund managed by Tristan Capital Partners.
Totalling 51,840m2, 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 5,110m2 to 8,640m2 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 a 15-minute 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 2,323m2 to 9,290m2 and are occupied by tenants in the 3PL, food production, packaging, and charity sectors.
Matthew Tatlock, Director, Clarion Partners Europe, commented: “This acquisition aligns with our thesis of buying modern, under-rented assets in prime locations, with access to near-term reversion. Leveraging our strong partnerships, we continue to build a portfolio of assets with robust ESG credentials, optimally positioned for future rental growth.”
Rory Buck, Managing Director, Clarion Partners Europe, added: “We are pleased to announce the closing of the second deal into our new UK logistics fund, securing two key distribution parks in the Golden Triangle. The UK remains a market where we see significant opportunity, given both the strong underlying fundamentals and the recent repricing due to a change in interest rates over the last 24 months.”
Clarion Partners Europe was advised by Gerald Eve and Gowling WLG. Tristan Capital was advised by DTRE and CMS.
Image provided by Clarion Partners.
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