Cheltenham and High Wycombe industrial space sold to PE firm

Multi-unit industrial developer and asset manager Chancerygate has sold an 11 asset portfolio to real estate private equity firm Northwood Investors for an undisclosed sum.

The 11 assets include the 94,000 sq ft, Furlong Park in Cheltenham which was only completed last year, and another in High Wycombe.

The others are located in Livingston, West Lothian; Knutsford, Cheshire; Aintree; Merseyside; Beeston, Nottinghamshire, Ipswich; Suffolk, Norwich, Norfolk and Dartford and Maidstone in Kent.

Chancerygate’s head of development, Alastair King, said: “We are very pleased to conclude our involvement on these development projects. The deal is testimony to the hard work and commitment of everyone at Chancerygate who has been involved with the schemes.

“The sale shows the strength of current investment demand for high quality, Grade A multi-unit industrial and warehousing space placed in strategic locations across the UK.

“Moving into 2021, we have already identified a number of new development opportunities throughout the UK. We have a clear strategy on how we will recycle the funds raised by this sale into further new projects in what continues to be a very exciting sector of the UK property market.”

Northwood Investors is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.

Chancerygate was advised on the portfolio sale by Freeths while Shoosmiths, Dickson Minto and JLL acted for Northwood Investors.