Clearbell Property Partners IV LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has expanded its logistics strategy by recapitalising its existing portfolio, acquiring new assets and implementing sustainability-led asset management.

As part of this expansion, Clearbell has entered into a joint venture with Deva Capital, a global alternative investment manager. The partnership will focus on driving the acquisition and repositioning of industrial assets across the UK, and delivering high-quality logistics spaces through ESG-led enhancements. The joint venture targets acquisitions for up to £150 million.

In December 2024, the new joint venture acquired an 18k sq ft industrial asset in West Byfleet. The site is currently occupied by Trustford, the UK’s largest Ford-dedicated dealer group, which operates a nationwide network of dealerships and service centres. The acquisition offers opportunities for future ESG-focused upgrades, including roof improvements and solar installations to improve the EPC rating.

The platform has also acquired Project Plus, a portfolio of two industrial assets totalling 179k sq ft across Gloucester and Manchester. The portfolio has opportunities to improve the ESG credentials, as well as regearing leases with the existing tenants, which include Severn Glocon in Gloucester, as well as Royal Mail Group and Wilkinson Star in Manchester.

Alongside these asset purchases, Clearbell has successfully completed a major refurbishment at a key industrial site, Coventry78, to enhance its sustainability and operational efficiency. The upgrades include the installation of LED lighting, replacing the gas heating system with an electric alternative in the office accommodation, and the addition of EV charging points. To further enhance its ESG credentials, a 400 kWp photovoltaic (PV) system is being installed, which, along with the completed works, will achieve an EPC A+ rating for the asset.

The Deva Capital joint venture, Project Plus and West Byfleet acquisitions, along with the Coventry78 refurbishment, all form part of Clearbell’s long-term strategy to enhance and grow its UK logistics portfolio. By acquiring warehouses below replacement cost and implementing ESG-led improvements, the portfolio delivers high-quality industrial space to under-supplied markets, aligning operational efficiency with sustainability to drive long-term value creation for both tenants and investors.

Clearbell was represented by Lewis Ellis in the West Byfleet and Project Plus acquisitions.

Our joint venture with Deva Capital allows us to build further momentum in our logistics strategy, expanding our ability to acquire and reposition industrial assets in key locations. We are excited to develop this new partnership and keep unlocking further acquisition opportunities in near future. The acquisition of Project Plus and West Byfleet strengthens our portfolio with high-quality, well-located assets that offer strong rental growth potential. Meanwhile, our focus on ESG-led improvements, as seen with the Coventry78 refurbishment, ensures that we’re enhancing sustainability while meeting occupier demand.”

Rob Cole, Senior Investment Manager at Clearbell Capital

We are delighted to have advised Clearbell on the acquisition of Project Plus and the Ford Retail warehouse in West Byfleet. Project Plus comprises a portfolio of reversionary urban logistics assets located in Manchester and Gloucester. West Byfleet comprises a single let warehouse in an excellent location adjacent to the M25. All of the properties present a fantastic opportunity to improve ESG credentials and bring the units in line with modern institutional standards.”

Julian Gallagher, Partner at Lewis Ellis