JR Capital and Chancerygate’s €117.2m (£100m) multi-let industrial property investment fund has acquired six new assets for a combined value of almost €23.4m (£20m). The purchase sees the fund boost its portfolio of industrial space to 19 assets ranging from Dundee to Exeter comprising 120 units with a total investment value of around €93.8m (£80m). The latest round of acquisitions includes three multi-let industrial estates; Armtech Row & Technine in Yeovil; G3 in Dundee; and Hellaby Industrial Estate in Rotherham.
Armtech Row & Technine comprises 14 units and has been acquired by the fund from real estate investment company Mayfair Capital for €5.3m (£4.5m). G3 comprises four units and has been bought from property group West Ranga for €7.6m (£6.5m). Meanwhile, Hellaby Industrial Estate comprises seven units and was purchased from property management company TWS Property for £3.2m (2.75m). The fund has also acquired two single let warehouses; a unit in Billingham currently occupied by DPD and a unit in Stockton-on-Tees, occupied by Howdens Joinery. Both warehouses were acquired from TWS Property, for €1.2m (£1m) and €908,652 (£775,000) respectively.
JR Capital CEO, John Collier-Wright, said: “These most recent acquisitions demonstrate our continued strong appetite for investment in the industrial property sector. We see really strong fundamentals underpinning the UK’s industrial property market and that gives us the confidence to continue pursuing an ambitious acquisition strategy. We’re delighted to add these new assets to the fund and we remain committed to identifying and securing prime industrial assets across the UK.”
Chancerygate’s head of asset management, Rory Finnan, said: “These acquisitions further increase the fund’s presence in strategic locations across the UK, with the G3 industrial estate in Dundee a perfect example of this. It is our second acquisition in Scotland and further cements our position in an important regional market. Completing six acquisitions in a short space of time shows our continued commitment to the market. However, with £20m still available to invest, we are still looking to grow the fund’s footprint in areas where we see a strong market case to do so.”
