Arrow Capital Partners has bought an office scheme in Crawley, West Sussex, from Clearbell Capital, which it aims to redevelop into new urban logistics facilities.
Clearbell’s Property Partners II LP fund sold the four-acre site, at Churchill Court, for £8.9m. It currently comprises two office buildings measuring more than 70,000 sq ft.
Arrow has bought the site for its €3bn (£2.7bn) Strategic Industrial Real Estate platform. Equation Properties will be the development manager for the scheme.
Clearbell acquired the assets in 2014 as part of the Chalk portfolio, which aimed to take advantage of the ripple-effect of London office rents into the South East.
Dominic Moore, head of asset management and ESG director at Clearbell, said: “Industrial and logistics assets have performed extremely well in recent years. The accelerated rise of online shopping during the pandemic has only increased their attractiveness for investors, particularly in well-located areas in the South East.”
DTRE advised Clearbell; Knight Frank acted for Arrow and Equation.
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