Clearbell closes new U.K.-focused fund

Clearbell Capital, a private equity real estate fund manager, has held the final close on its third value-add fund, Clearbell Property Partners III (CPP III). Clearbell has raised £310 million ($411 million).

Clearbell has secured a strong investor base, with investors from the United States, Australia, Europe, Middle East and South America. Some 83 percent of commitments were received from Clearbell’s existing investors, with the remaining 17 percent from new investors, including pension funds, not-for-profit organizations and high-net-worths.

The fund is already invested in four U.K. opportunities across office, logistics and leisure: Cara, a circa £100 million ($132.6 million) aggregated portfolio comprising 20 industrial and logistics assets via four separate transactions; Taurus, a logistics portfolio acquired via two separate transactions with plans to aggregate a portfolio of mid to large sized logistics units; Edmund House, a 780,000-square-foot office acco