InfraRed has acquired the portfolio to implement a value-add strategy while generating a sustainable distribution yield. InfraRed intends to actively manage the assets, making a series of building improvements, renewing leases on expiry and letting vacant space across the portfolio.
James Cooper, Director at InfraRed Capital Partners commented:
“Our industrial team has a 20-year track-record of investing in this sector having acquired and managed over 14m sqft of assets. This acquisition complements our existing North West portfolio which we have acquired over the past 18 months for Active Fund III and which now totals 3.4m sqft of floor space. We believe the North West has strong prospects: the urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after London and a dynamic economic zone. We continue to seek industrial opportunities in the UK regions to further grow our existing portfolio.”
Dowley Turner Real Estate, Taylor Wessing and Peloton Properties acted for InfraRed. Stretton were represented by CBRE and Freeths.