BlackRock’s UK Property Fund has sold a warehouse at Middlemarch Business Park in Coventry to Clarion Partners Europe for £28.25m.
The deal marks the first investment on behalf of Clarion’s UK logistics fund, which last month achieved a final close with £427m of equity commitments. The firm has re-entered the UK market after a seven-year break.
The newly acquired distribution hub spans 208,000 sq ft, occupied by a single tenant on a 10-year lease with over four years remaining. The building is certified BREEAM Very Good.
Matthew Tatlock, vice president at Clarion, said: “The West Midlands is one of our high conviction regions, where strong occupier sentiment is underpinning robust future rental growth prospects.”
Rory Buck, managing director at Clarion, added: “With significant capital to deploy into the UK market our focus will remain on acquiring newly developed, sustainable and high-quality logistics assets leased to strong counterparties in locations benefiting from limited supply and upward pressure on rents.”
Clarion was advised by Montagu Evans and Gowling WLG. BlackRock was advised by Fulwell Capital and CMS.
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