Clearbell Capital has completed its purchase of the £153m Amber portfolio and the £50.75m Stephenson portfolio.
The Amber transaction was financed with £70m of equity as well as debt from Wells Fargo, equating to a 65% loan-to-value ratio.
Clearbell, along with Franklin Templeton Real Asset Advisors on behalf of one of its clients and a co-investor, acquired Amber from Aberdeen Asset management.
The 2m sq ft portfolio comprises 29 retail, industrial and office assets located mostly in the South of England, and generates £13.2m in rent annually, with a 4.5 WAULT to first break. Tenants include B&Q, Travis Perkins, Sports Direct.com, LG Electronics and Vodafone.
The net initial yield on Amber is 8%.
For the Stephenson portfolio Clearbell stripped out a major asset in Bradford, bringing the price paid to Sterling Investments down from £80m to £50.75m.
The transaction has been financed with £27m equity, along with debt from PBB.
The portfolio, which will be renamed Polaris, comprises 14 business and industrial properties.
Clearbell partner Rob West said of the Amber transaction: “We are delighted to have acquired this significant portfolio. This portfolio not only has a strong cash income, but also offers the opportunity to apply our asset management skills in the letting of nearly 100,000 sq ft and the redevelopment of key sites. Given the large equity requirement, we are delighted that we were able to allow two existing investors to co-invest alongside the fund.”
Clearbell was advised by Brown Cooper Marples on Amber. Aberdeen was advised by Knight Frank.
