Westbrook Partners has agreed to forward-purchase two urban logistics portfolios for £172.5m from Chancerygate and Bridges Fund Management.
Both have BREEAM Very Good ratings. In total, the portfolios measure 832,000 sq ft across six schemes on more than 42 acres, with each of the developments acquired on a forward-commitment basis.
The first portfolio, which was wholly owned by Chancerygate, is called Urban Portal and comprises three multi-unit logistics developments in Aston Clinton, Buckinghamshire; Brackley, Northamptonshire; and Leicester.
The schemes will total 347,177 sq ft across 45 units when they are practically completed in the next 12 months.
The second portfolio, City Gateway, consists of three multi-unit developments in Edinburgh, Leeds and Peterborough that were jointly owned by Chancerygate and Bridges.
The City Gateway portfolio will measure 485,389 sq ft across 61 units, providing 43 industrial and warehouse units, 16 trade counter units and two drive-throughs. The three schemes are set for practical completion in the next two years.
Mark Donnor, managing principal at Westbrook Partners, said the portfolios were “already receiving strong occupational interest for a variety of units”.
Richard Bains, managing director at Chancerygate, said: “Our strategy of focusing on acquiring urban logistics sites and delivering grade-A schemes benefiting from strong environmental credentials has been borne out by the very strong interest we received for these portfolios.
“We are very pleased to have concluded the deal with Westbrook Partners in a very swift timescale. The funds from the disposal will be used by us to invest in further strategic speculative development opportunities as Chancerygate continues to expand throughout the UK.”
Guy Bowden, partner at Bridges Fund management, said the deal was “testament to the strong demand – from both investors and occupiers – for high-quality highly sustainable logistics developments”.
Tudor Real Estate advised Westbrook; JLL acted for Chancerygate and Bridges Fund Management. JLL has been appointed as the leasing agent.
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