Clearbell Capital acquires six industrial, logistics assets from Palace Capital
Clearbell Property Partners IV, a fund managed by Clearbell Capital, has acquired six industrial and logistics assets from Palace Capital for £34 million ($42 million).
The 312,000-square-foot portfolio consists of six assets located throughout the United Kingdom, including Coventry, Avonmouth, Newbury, Kettering, Burgess Hill and Verwood.
The assets are 97 percent occupied by ecommerce manufacturers and distributor businesses.
“We believe these assets represent good value in the current market, specifically offering us the opportunity to institutionalize and improve the rental tone,” said Rob Cole, senior investment manager at Clearbell Capital. “This will also form the basis of our industrial aggregation strategy for the latest fund. Although it has been a turbulent 12 months, the industrial market is showing signs of stabilizing and is still supported by strong baseline fundamentals, remaining a key investment theme for us.”