JR Capital and Chancerygate buy 56,000 sq ft logistics portfolio

JR Capital and Chancerygate’s £150m urban logistics fund has bought a portfolio of seven facilities in Northampton from Columbia Threadneedle Investments. The 55,780 sq ft portfolio, located on Crow Lane Industrial Park, changed hands for an undisclosed sum. The seven facilities range from 3,225 sq ft to 28,665 sq ft. Occupiers include building materials supplier Wolseley UK, independent electrical wholesaler Midshires Electrical & Lighting and frozen and chilled food same-day delivery service Route 1 Fulfilment. The joint venture’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m. The Northampton deal marks the fund’s second acquisition. George Jerram, asset management director at Chancerygate, said: “Our investment in Northampton is indicative of the confidence we have in the local market for urban logistics property. It is an excellent fit for our investment and asset management strategy. “Demand for urban logistics accommodation remains strong both regionally and nationally. Crow Lane presented us with a great opportunity to enhance the geographical spread of our portfolio with an established asset in an excellent location. “We are active asset managers and will be looking to further enhance the site for the benefit of our occupiers and investors.” The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The portfolio comprised 150 facilities totalling more than 1m sq ft. Michael Ferris, head of investment at JR Capital, said the jv expects to be active over the course of this year as it aims to scale its platform with Chancerygate to more than £200m. “Crow Lane Industrial Park is well located in Northampton and will provide the fund with a well-diversified income stream and opportunities to add value in the near term,” said Ferris. “We remain extremely bullish on the UK multi-let industrial sector owing to the favourable macroeconomic fundamentals, and the recent adjustments to pricing have created a buying opportunity for us.” Allsop advised Chancerygate and JR Capital, while Collingwood Rigby acted for Columbia Threadneedle Investments. To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Discover which agents have been most active in the East Midlands industrial market so far this year >> Photo courtesy of Brand8 PR