Clarion Partners Europe, the real estate investment fund manager specializing in logistics and industrial assets, has completed the acquisition of a modern warehouse in Coventry, England, from BlackRock’s U.K. Property Fund, for £28.25 million ($35.75 million).
It represents the first investment on behalf of Clarion Partners Europe’s core-plus, closed-end U.K. logistics fund, which last month achieved a final close with £427 million ($540.4 million) of equity commitments.
Located on Middlemarch Business Park, an established Golden Triangle distribution hub, the 208,000-square-foot single tenant property is leased to a leading online pet supplies and accessories retailer, on a 10-year lease, with more than four years remaining.
The BREEAM Very Good certified property is 5 kilometers from Coventry city center and benefits from excellent regional and national infrastructure connectivity, adjacent to Coventry airport and with 85 percent of the United Kingdomâ€
