Clearbell completes three sales totalling £75m
Mixed-use portfolio sold for £50.275m to Threadneedle Pensions; Basildon warehouse sold for £14.7m; Palace Capital purchase Maidenhead office for £10.25m.
Clearbell Capital LLP on behalf of its client CP Real Estate Limited, today announces the sale of 8 UK assets, totalling more than £75m across 3 transactions. The assets are all fully let to a total of 28 tenants, with asset management objectives completed by Clearbell over a 5-7 year hold period.
The Link portfolio comprising 6 assets (4 industrial, 1 retail warehouse and 1 office), has been sold for £50.275m to Threadneedle Pensions Ltd, who were advised by Knight Frank.
A c.57,000 sq ft logistics asset in Basildon was sold for £14.7m to a private buyer. The asset had been redeveloped and relet before sale.
Finally, 22 Market Street, Maidenhead, was sold to Palace Capital for £10.25m. The office building comprises c.22,000 sq ft across three floors. The building was fully refurbished to Grade A standard in 2020 and was let within 12 months of completion to Techtronics Industries EMEA prior to sale.
Adam James, Asset Management Director at Clearbell Capital, said:
“Having achieved our planned asset management objectives and stabilised the assets, these disposals obtain maximum value for the investors. There is no doubt that demand remains strong for well located, stable investments.”
CP Real Estate Limited was advised by Gerald Eve on all three transactions.