Brockton Capital and Dunedin are close to tripling their sheds portfolio after being selected as preferred bidders for the £220m Project Partridge.
The joint venture partners saw off competition from Blackstone, Patron Capital and Harbert to secure the multi-let portfolio from Columbus Capital Management at a price reflecting a 7% yield.
The deal, combined with the imminent closure of a £147.7m purchase from Hansteen, brings the value of the jv’s sheds portfolio up from £180m to almost £550m.
The threefold increase in the size of the jv comes after Brockton raised a record £450m of equity in September.
It has been on an ambitious acquisition spree following the fund raising.
The 3.2m sq ft of sheds in the -Partridge Portfolio command a rent roll of £15.7m pa.
The portfolio, held in two Jersey-based funds, is one of several large secondary sheds portfolios brought to market in recent months to capitalise on vendors looking to cash in on demand from investors attracted by the higher yields on offer in the sector.
JLL acted for Columbus, which is owned by Schroders; CBRE advised Brockton/Dunedin.
