Tristan Fund Expands UK Logistics Footprint with the Acquisition of 14 Prime Assets for £108 Million
Source: Tristan Capital Partners Press Release
15 December 2020, London: Tristan Capital Partners’ core-plus Fund, Curzon Capital Partners 5 LL (“CCP 5 LL”) has acquired 14 logistics sites located across three schemes in Avonmouth, Worcester and Poole from Richardson Capital LLP (the “Richardsons”) for the total purchase price of £108m.
The 14 newly acquired assets include eight existing buildings, five of which are located at Avonmouth, two in Worcester and one in Poole. Six further sites are set to be developed at Avonmouth and have been purchased on a forward commitment basis. All of the buildings meet a high standard of specification in response to modern occupier requirements.
This transaction follows the off-market acquisition of 11 new-build logistic assets across the UK earlier this year, also from the Richardsons. Canmoor Asset Management has been retained as the operating partner for the entire portfolio.
Nicho Jenkins, Managing Director at Tristan Capital Partners, said: “This transaction provides us with exposure to a portfolio of modern logistics assets across key locations in the UK. The acceleration of e-commerce this year has increased demand for high-quality, well-located assets and with a portfolio of 25 buildings, including six development sites in the UK, we expect considerable interest from a wide range of occupiers.”
DTRE acted as real estate adviser to Tristan throughout the transaction.