Clearbell Capital Sells Off Some UK Properties
Posted on 01/20/2022
Clearbell Capital LLP on behalf of its client CP Real Estate Limited, announces the sale of 8 U.K. assets, totaling more than £75 million across 3 transactions. The assets are all fully let to a total of 28 tenants, with asset management objectives completed by Clearbell over a 5-7 year hold period.
The Link portfolio comprising 6 assets (4 industrial, 1 retail warehouse and 1 office), has been sold for £50.275 million to Threadneedle Pensions Ltd, who were advised by Knight Frank.
A c.57,000 square foot logistics asset in Basildon was sold for £14.7 million to a private buyer. The asset had been redeveloped and relet before sale.
Finally, 22 Market Street, Maidenhead, was sold to Palace Capital for £10.25 million. The office building comprises circa 22,000 square feet across three floors. The building was fully refurbished to Grade A standard in 2020 and was let within 12 months of completion to Techtronics Industries EMEA prior to sale.
Advisors
CP Real Estate Limited was advised by Gerald Eve on all three transactions.
PineBridge Benson Elliot LLP
On January 13, 2022, Clearbell Property Partners IV LP (Clearbell), a new fund managed by Clearbell Capital LLP, purchased 150 St. Vincent Street, Glasgow, from a fund managed by PineBridge Benson Elliot LLP. The office building, which is currently fully let, is in a prime location in Glasgow’s Central Business District and comprises 69,000 sq ft across eight stories. Clearbell was advised by Avison Young. PineBridge Benson Elliot was advised by JLL. PineBridge Benson Elliot is a specialist pan-European real estate private equity specialist. PineBridge Investments acquired Benson Elliot Capital Management on January 4 2021. The acquisition was first announced on the 14th October 2020.
Rotherham
On November 10, 2021, Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, sold the industrial asset in Rotherham for £6.8 million. The asset in Rotherham, from Clearbell’s Polaris portfolio, has been sold for £6.8 million to Navana Real Estate.
CST
On August 11, 2021, Clearbell UK Strategic Trust (CST), a fund advised by Clearbell Capital LLP, acquired Freetrade Exchange from CBRE GI (CBRE Global Investors) for £9.84 million, a Grade II listed office building of just over 36,000 sq ft on Peter Street in Manchester. It is ideally located between two of the city’s most popular business districts, St Peters Square and Spinningfields. In addition, CST has acquired two further office buildings in Watford and Islington, totalling 57,000 sq ft. The acquisitions support Clearbell’s view that the market for quality offices centred on ESG and user experience remains robust. The 39,000 sq ft office at 46 Clarendon Road in Watford was acquired from M&G and is principally let to retailer Ralph Lauren. It will undergo a substantial refurbishment in collaboration with Ralph Lauren. The asset in Islington is located on Colebrook Row and comprises 18,000 sq ft of unique warehouse-style accommodation. It is fully let and occupants include Valtech and Cult Beauty.
CST has also purchased a vacant 72,000 sq ft industrial asset in Manton Wood, with a refurbishment now underway and a new letting under offer, expected to complete in early Autumn.
Clearbell and LaSalle Global Partner Solutions established CST in October 2020 with initial committed capital plus debt, totalling £125 million.
Keywords: CBRE, Inc.
