Tristan Fund Acquires Prime UK Logistics Assets
Source: Tristan Capital Partners Press Release
21 August, London: EPISO 5, a fund managed by Tristan Capital Partners, has acquired two port development sites in Colchester and Birkenhead with Tungsten Properties to deliver two logistics schemes totaling circa 855,000 sq. ft
The scheme in Colchester – the Fund’s first logistics asset in the South East – will comprise 11 mid-box units ranging in size from 11,000 sq ft to 70,500 sq ft, whilst the 22-acre Ark Royal site in Birkenhead offers a single, big box unit of circa 495,000 sq ft and will also provide 11 acres of open storage accommodation.
Both sites benefit from detailed planning consent. McLaren Construction has been appointed as the contractor for the Colchester scheme and the Fund expects to announce the appointment of a contractor for Birkenhead imminently. The schemes will be built to Net Zero Carbon in construction and targeting BREEAM Excellent accreditations.
Tungsten will act as EPISO 5’s operating partner and development manager.
Nicho Jenkins, Managing Director at Tristan Capital Partners, said: “The land price coupled with the underlying occupational dynamics and the opportunity to work with a best in class development partner makes developing these schemes an attractive proposition for the Fund. We continue to see strong occupier demand for the highest quality logistics assets, with exceptional ESG credentials, across our portfolio. It follows that these projects reflect a continuation of our strategy to create value for our investors by developing such assets”.
Jeff Penman, Managing Director, Tungsten Properties, added: “Tristan Capital’s investment into building these two important industrial schemes show that we are responding to significant demand for such space in their respective ports to enable increased global commerce. Ark Royal will be one of the largest new build warehouses in the north-west of England and address the dearth of 500k sq ft units in the region.”
Savills and Harwin are the leasing agents for Colchester, Colliers and Moriarty & CO have been appointed for Ark Royal. TT&G and Atlas Real Estate provided EPISO 5 with commercial advice, whilst CMS provided legal advice. Forsters was Tungsten’s legal adviser.