Partners Europe, investing on behalf of its UK logistics fund, has acquired a 拢50.8m (鈧�60.16m) facility in Haydock from Warrington Borough Council.
The real estate investment fund manager said the 381,146sqft logistics facility, constructed in 2019, is let to healthcare supply chain service firm Movianto UK on a 15-year lease, with a rent review due in July 2024.
Florina Capraru, director at Clarion Partners Europe, said: 鈥淗aydock is an outstanding UK logistics location in one of Europe鈥檚 most densely populated and undersupplied regions, which has experienced significant rental growth outperformance in recent years.
鈥淲ith the UK market increasingly characterised by the bifurcation between institutional quality, sustainable properties and everything else, with grade-A space accounting for 72% of take-up in 2023, the opportunity to acquire a modern, institutional-quality logistics asset further added to the appeal.鈥�
Rory Buck, managing director at Clarion Partners, said: 鈥淭his latest acquisition demonstrates our expertise in sourcing compelling investment opportunities across the UK, enabling us to deploy capital at speed into highly reversionary, tenant critical assets, which are leased to blue-chip businesses.鈥�
Europe said following the latest investment, its UK-only logistics fund has now invested 拢170m in five months, lifting the fund鈥檚 portfolio to 11 assets totalling approximately 1.15m sqft.
In January this year, Clarion Partners Europe raised 拢427m at the final close of the core-plus, closed-ended UK logistics fund.
The fund is Clarion Partners Europe鈥檚 first to solely focus on the UK, a market it recently re-entered following a seven-year break. It will target a portfolio of high-quality, ESG-compliant logistics assets 鈥渦nderpinned by strong rental growth fundamentals in established UK logistics hubs鈥�, the company said at the time.
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