A joint venture between private equity group Carlyle and fund manager ARA Dunedin has bought a £30m warehouse portfolio from Urban Logistics REIT.
Urban Logistics said the assets sold at more than a third ahead of September 2020 book value. The disposal gave it an exit yield of 4.8% and a total property return of 78.8%.
The warehouses are in Bedford, Leicester and Chesterfield, with two in Northampton.
Urban Logistics chief executive Richard Moffitt said: “Since we started out on our journey in 2016, we have achieved considerable success creating, then realising value across our portfolio once available asset management initiatives have been completed… The funds realised from these sales will be quickly redeployed in acquiring further assets from our pipeline.”
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