JR Capital and Chancerygate’s €175.5m multi-let urban logistics investment fund has acquired a portfolio of three assets in the South East for c. €16.4m.
The portfolio comprises three sites located in Luton, Alton, and Farnham, totalling 8,398m² and consisting of 28 units. The assets range from c. 1,783m² to 4,877m² and have been strategically located to give occupiers easy access to markets in the South East through key transport corridors.
The portfolio includes national brands such as Screwfix, Brewers, City Plumbing, Co-operative Food, and GreenThumb, as well as a diverse range of local and regional businesses.
JR Capital’s CEO, John Collier-Wright said: “We are pleased to have completed this latest acquisition and to have increased the fund’s weighting to the South-East, which now accounts for more than 50% of the fund. This portfolio will provide the fund will well-diversified income and opportunities to add value in the short to medium term. The fundamentals of the multi-let industrial sector remain robust, driven by the supply/demand in balance, which has given us the comfort to continue to scale our portfolio despite the significant global political and economic uncertainty. We have been acquisitive over the past 18 months while there has been distress in the markets and other investors have been sitting on their hands. We expect the investment markets, specifically the multi-let industrial sector, to stabilise over the coming year and for yields to tighten when interest rates eventually start to come back down.”
Chancerygate head of investment and asset management, Simon Cowley, added: “The acquisition of these three sites marks a significant, strategic expansion of our portfolio giving us further exposure to the particularly resilient South East market. The extremely high occupancy of the portfolio signifies the strength of demand for this type of accommodation in the region.”
M1 Agency acted on behalf of JR Capital and Chancerygate on the portfolio acquisition. Gerald Eve advised GMS Estates.
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