Eastbourne industrial estate acquired by £150m urban logistics investment fund
Compton Industrial Estate in Eastbourne has been acquired by a £150m multi-let urban logistics investment fund.
The fund, which is managed by investment company JR Capital and asset manager Chancerygate, purchased the 121,780 sq ft property, comprising 12 units, for £13.7 million from a joint venture between commercial property business Canmoor and investment company JCAM.
These 12 units range in size from 3,555 sq ft to 22,785 sq ft and are situated around one and a half miles away from Eastbourne town centre.
CEO of JR Capital John Collier-Wright said: “Eastbourne is the third acquisition for the new fund in as many months and it presented us with a good opportunity to allocate capital to the south coast, a region underpinned by strong occupational demand, a lack of available units and very few new developments in the pipeline.”
“The estate offers well diversified and reversionary income, with short term opportunities to add value by refurbishing and re-letting units. It is well positioned for growth over the next cycle.”
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JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5 million to £15 million.
The partners’ first fund, which totalled £100 million, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.
Chancerygate asset management director George Jerram said: “Our latest acquisition sits in one of Eastbourne’s prime industrial locations and reflects the strong confidence we have in the local market for urban logistics accommodation.
“There remains strong demand for urban logistics property both regionally and nationally. Compton Industrial Estate is a key opportunity to expand the geographical spread of our portfolio with a well-established, strategically located asset.”
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