Clearbell Property Partners IV LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, alongside its joint venture partner Deva Capital, the real estate and corporate capital solutions investment arm of Santander Alternative Investments, has acquired two new industrial assets in Banbury and West Byfleet, from the Metro Property Unit Trust managed by Federated Hermes.

The acquisitions, totalling 180,000 sq ft, mark the largest single transaction for the JV to date.

In Banbury, Oxfordshire, the joint venture has acquired five industrial units totalling 115,000 sq ft. The units are located at MXL Centre, half a mile from Junction 11 off the M40, and are fully income producing. Planned asset management initiatives include upgrading EPC ratings to B or above and installing rooftop solar. Tenants include global food ingredients manufacturer Newly Weds, healthcare services provider EMED Group, and IT and cloud services specialist Covenco Recovery Services.

In West Byfleet, the joint venture has acquired Trackside Business Centre, a 65,000 sq ft multi-let industrial estate comprising 11 units, all of which are fully let. The estate already benefits from strong sustainability credentials, with further enhancements planned in the future.

Both acquisitions were completed in April 2026, bringing the portfolio to 23 assets totalling over 1.5m sq ft.

The JV has also refinanced the entire portfolio with HSBC UK, achieving a higher LTV and lower margin, to reflect the latest acquisitions and asset management performance to date.

The new facility totals £116 million, with a £34 million accordion providing capacity to scale to £150 million in support of future acquisitions and ongoing sustainability initiatives. The four-year loan, with a one-year extension, provides the flexibility to finance both new purchases and ongoing improvements across the portfolio.

These latest acquisitions in Banbury and West Byfleet demonstrate the continued momentum of the JV. Having tracked both assets for some time, we believe they are strong additions to the portfolio, complementing our existing presence in West Byfleet while increasing geographic diversification through Banbury. The refinancing with HSBC UK provides additional capacity to pursue further opportunities as they arise, while supporting our ongoing asset management strategies to drive operational performance across the portfolio. We are pleased to have worked alongside HSBC UK on this transaction and look forward to building on the relationship in the years ahead.”

Rob Cole, Investment Director at Clearbell Capital

We’re delighted to support Clearbell and Deva Capital with this new facility, which refinances existing arrangements and provides additional capacity to pursue future acquisitions. This transaction reflects our shared focus on long-term, sustainable growth. At HSBC UK, we’re committed to backing ambitious businesses with flexible financing and sector expertise, helping them move quickly on opportunities while maintaining a disciplined approach to capital structure. We look forward to working closely with the teams at Clearbell and Deva Capital as they continue to execute their strategy.”

Peter Nelson, Relationship Director at HSBC

Clearbell was advised by Brotherton as debt adviser and CMS as legal adviser on the refinancing. TT&G Partners and Logix Property LLP represented the vendor on the Banbury and West Byfleet transactions, with Montagu Evans LLP acting as agent and Forsters LLP advising Clearbell and Deva on legal matters.

HSBC UK was advised by Addleshaw Goddard as legal counsel and Savills as valuer.