Clearbell sells industrial & logistics portfolio for GBP120m

Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital, has sold its industrial and logistics Cara portfolio for GBP120 million to Blackstone for its Mileway platform. 

The deal completed and exchanged on 19 March 2020.
 
The Cara portfolio comprises of 22 small-to-medium sized industrial and logistics assets located throughout the UK. The portfolio, which totals over 2m sq ft, primarily includes warehouses and logistics sites in suburban, last-mile locations.
 
A seed portfolio of 12 industrial assets was acquired below replacement cost at a post-referendum discount in March 2017. Further acquisitions were made between September 2017 and March 2019, bringing the portfolio to 23 assets*. The portfolio was acquired to take advantage of the high demand in the fundamentally undersupplied industrial and logistics sector, to generate rental returns for investors.
 
A number of assets in the portfolio have recently undergone refurbishments, including new roof coverings at assets in Leeds, Thetford, Shepley, Bromborough and Warrington. In addition, units at Mansfield, Shepley and Knowlsey have been reconfigured to provide more economically viable space, with a number of EV charging points also installed.
 
Rob West, Partner at Clearbell Capital, says: “This deal demonstrates the resilience of the industrial and logistics sector. Despite uncertainty around COVID-19, we’re unlikely to see appetite for warehouses and logistics sites wane in the medium to long term.”