UK real estate manager Clearbell Capital has sold an 85-acre business park to Frogmore Real Estate Partners, on behalf of a fund it manages.
Clearbell said it sold Lingfield Point, a mixed-use business park, located in Darlington, for 拢44m (鈧�49.5m).
Lingfield Point was acquired in November 2014 for 拢23.7m as part of a cash-on-cash investment strategy. Following the acquisition, a series of lettings and asset management initiatives to drive income were undertaken, Clearbell said.
Dominic Moore, the head of Clearbell鈥檚 asset management and ESG director, said: 鈥淎s businesses continue to demand more from their offices Lingfield Point is ushering in a new generation of modern workspaces. We鈥檙e proud to have been involved in the development of such a historic site.鈥�
Patrick Smith, the head of acquisitions at Frogmore, said: 鈥淭ees Valley is a well-connected area to which businesses are attracted and we look forward to providing innovative real estate solutions for their requirements.
鈥滾ingfield Point provides a strong cash on cash return of over 10% with significant potential to add value as well as providing both sector and geographical diversification for our investors.鈥�
