InfraRed Capital Partners Limited (“InfraRed”), on behalf of InfraRed Active Real Estate Fund III, has announced their new portfolio of nine multi-let industrial estates, which was acquired from Stretton Property Group, a regional property company, for £42m.
The large portfolio, which comprises industrial properties located throughout the North West of the UK, has a combined gross internal area of around 1m sq ft and is let to over 20 tenants.
InfraRed has acquired the portfolio to utilise a value-add strategy while generating a sustainable distribution yield. It intends to actively manage the assets, making a series of building improvements, renewing leases on expiry and letting vacant space across the portfolio.
Director at InfraRed Capital Partners, James Cooper, commented: “Our industrial team has a 20-year track-record of investing in this sector having acquired and managed over 14m sq ft of assets.
“This acquisition complements our existing North West portfolio which we have acquired over the past 18 months for Active Fund III and which now totals 3.4m sq ft of floor space.
“We believe the North West has strong prospects: the urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after London and a dynamic economic zone. We continue to seek industrial opportunities in the UK regions to further grow our existing portfolio.”
CBRE and Freeths represented Dowley Turner Real Estate, Taylor Wessing and Peloton Properties throughout this acquisition.
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