A joint venture between Manchester-based private equity firm Infinity and Bury-based investor 53N has bought the Crossley Park industrial complex in Stockport, Cheshire, out of receivership.
The joint venture bought the 220,000 sq ft scheme from LPA receiver GVA for £3.2m, reflecting a net initial yield of 12%.
The acquisition was funded as an investment club deal, predominantly backed by North West-based investors, with debt funding coming from Santander.
Crossley Park is 60% let and comprises industrial and warehouse units with open storage land. Infinity and 53N plan to refurbish elements of the scheme.
Daniel Finestein, partner at Infinity, said: “We are increasingly being offered attractively priced deals. Our investment approach allows us to make deals such as Crossley Park available to smaller investors who, because of high inflation and low interest rates, are keen to invest in property, but who ordinarily would be unable to access this size of deal on their own.”
Andrew Waugh of 53N added: “This is a good example of how 53N secure, finance and manage opportunities where value can be added through strategic co-operation with appropriate partners.”
Knight Frank advised Infinity and 53N.
daniel.cunningham@estatesgazette.com
