InfraRed Capital Partners Limited (“InfraRed”), on behalf of InfraRed Active Real Estate Fund IV, has acquired a 1m sq ft portfolio of 25 industrial estates plus two development sites with additional 0.2m sq ft of space from Network Space. The portfolio is located throughout the North West of the UK and Yorkshire.
InfraRed has acquired the portfolio to implement a value-add strategy actively managing the assets by renewing leases on expiry, letting vacant space across the portfolio, executing refurbishments where necessary and will develop out the two sites known as Ravens Locks in Salford and Carruthers Street in Liverpool. Network Space will continue to be involved in the management of the portfolio for InfraRed.
James Cooper, Director, Real Estate commented:
“We are delighted to have completed this transaction and look forward to working with Network Space. InfraRed has a 25-year track-record of investing in the industrial sector having acquired and managed over 16m sqft of assets. This portfolio fits our value add strategy and our conviction in the growth prospects for the North West. The urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after the London and the South East and a highly dynamic economic zone. We expect the portfolio to benefit from ongoing trends towards urban densification, relocation of service businesses into urban fringes and surging demand for last mile logistics. We will look to add to our urban logistic holdings in the UK over the coming quarters both in the regions and the Greater London area.”