InfraRed Capital Partners has bought a £42m North West sheds portfolio from Stretton Property Group.
The portfolio includes nine multi-let sheds with a combined gross internal area of about 1m sq ft, let to more than 20 tenants.
InfraRed said it intends to implement a value-add strategy while generating a sustainable distribution yield.
The investment company will actively manage the assets, making a series of building improvements and renewing leases on expiry and letting vacant space across the portfolio.
James Cooper, director at InfraRed Capital Partners said: “Our industrial team has a 20-year track-record of investing in this sector having acquired and managed over 14m sq ft of assets.
“This acquisition complements our existing North West portfolio which we have acquired over the past 18 months for Active Fund III and which now totals 3.4m sq ft of floor space.
“We believe the North West has strong prospects: the urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after London and a dynamic economic zone.
“We continue to seek industrial opportunities in the UK regions to further grow our existing portfolio.”
Dowley Turner Real Estate, Taylor Wessing and Peloton Properties acted for InfraRed. Stretton were represented by CBRE and Freeths.
