JR Capital and Chancerygate’s €117m (£100m) multi-let industrial property investment fund has acquired assets near Exeter totalling 64,682ft² for an undisclosed sum. Chelsea Trading Estate and Stanley House, which are located four miles east of Exeter within Sowton Industrial Estate, have been purchased in a move that marks the fund’s first deal in the South West.
The assets were acquired with property investor Charterhouse Property Group and comprise four units ranging from 5,000ft² to 40,000ft² which all benefit from excellent access to the M5. Current occupiers at the development are auto electrician services provider Halls Electrical; sign makers Wood & Wood International Signs; Royal Mail; and Virgin Media. The acquisition brings the fund’s total investments to circa €70.2m (£60m) comprising more than 900,000ft² of industrial space across 13 assets, now ranging from Glasgow to Exeter.
JR Capital head of investments, Michael Ferris, said: “Chelsea Trading Estate and Stanley House are a welcome addition to the fund, and we are pleased to have completed another off-market acquisition. It has been a pleasure working with Charterhouse Property Group. Multi-let industrial real estate continues to be our main investment focus as we build a diversified portfolio of well-secured assets with opportunities to add value.”
Chancerygate asset manager, George Jerram, added: “This investment marks the fund’s first acquisition in the southwest of England and demonstrates our appetite to invest in high-quality, strategically-located industrial sites. We’re really pleased to be adding Chelsea Trading Estate and Stanley House into our expanding portfolio. The development sits in a prime location within Exeter’s industrial hub and is home to a number of well-established businesses. It’s an excellent acquisition for the fund and we look forward to identifying further opportunities across the South West as we continue to grow investment footprint.”
