Clarion Partners Europe, on behalf of its UK-only logistics fund, has acquired an institutional-quality logistics facility in Haydock, near Warrington, for £50.8m.
The asset has been brought from Warrington Borough Council and takes Clarion’s spending in the UK to £170m over the past five months.
Constructed in 2019, the 381,146 sq ft property is fully let to Movianto UK, a healthcare supply chain service, on a 15-year lease, with a rent review due in July 2024.
The deal takes Clarion’s footprint in the UK to around 1.1m sq ft across 11 assets.
Florina Capraru, director at Clarion Partners Europe, said: “Haydock is an outstanding UK logistics location in one of Europe’s most densely populated and undersupplied regions, which has experienced significant rental growth outperformance in recent years.
“With the UK market increasingly characterised by the bifurcation between institutional quality, sustainable properties and everything else, with grade-A space accounting for 72% of take-up in 2023, the opportunity to acquire a modern, institutional-quality logistics asset further added to the appeal.”
Rory Buck, managing director at Clarion Partners, added: “This latest acquisition demonstrates our expertise in sourcing compelling investment opportunities across the UK, enabling us to deploy capital at speed into highly reversionary, tenant critical assets, which are leased to blue-chip businesses.”
Clarion Partners Europe was advised by King Street Real Estate and Gowling WLG. The seller was advised by TLT.
Image from FTI
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