Clarion Partners Europe snaps up £28m warehouse at Coventry distribution hub
Clarion Partners Europe has bought a warehouse at Middlemarch Business Park in Coventry for £28.25m.
The deal with BlackRock’s UK Property Fund represents the first investment for Clarion’s UK-only logistics fund, which recently announced a final close with £427m of equity commitments.
This latest acquisition is a 208,000 sq ft single tenant property, currently four years into a ten-year lease with a leading online pet supplies and accessories retailer.
The site lies just five kilometres from the centre of Coventry and borders the city airport.
Matthew Tatlock, VP of Clarion Partners Europe, said: “This is a rare opportunity to acquire a Grade A logistics property with immediate reversionary potential.
“The West Midlands is one of our high conviction regions, where strong occupier sentiment is underpinning robust future rental growth prospects.”
Clarion Partners Europe was advised on the deal by Montagu Evans and Gowling WLG. The seller was advised by Fulwell Capital and CMS.
Rory Buck, MD of Clarion Partners Europe, added: “We’re delighted to have completed this transaction as part of our new UK-only logistics fund strategy.
“With significant capital to deploy into the UK market, our focus will remain on acquiring newly developed, sustainable and high-quality logistics assets leased to strong counterparties in locations benefitting from limited supply and upward pressure on rents.”