Nantwich-based Stretton Property Group has disposed of nine multi-let industrial estates to InfraRed Capital Partners, on behalf of InfraRed Active Real Estate Fund III, in a deal worth £42million.
The portfolio comprises industrial properties located throughout the North West of the UK with a combined gross internal area of around 1 million sq ft, let to over 20 tenants.
Speaking about the disposal, Stephen Wade, Director of Legat Owen said:
Stretton have developed a superb portfolio of industrial property through acquisition and new development. InfraRed recognised the quality of the opportunity and moved quickly to secure the portfolio in an off-market deal.
James Cooper, Director at InfraRed Capital Partners, said:
Our industrial team has a 20-year track record of investing in this sector having acquired and managed over 14 million sq ft of assets. This acquisition complements our existing North West portfolio which we have acquired over the past 18 months for Active Fund III and which now totals 3.4 million sq ft floor space.
We believe the North West has strong prospects: the urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after London and a dynamic economic zone. We continue to seek industrial opportunities in the UK regions to further grow our existing portfolio.
Dowley Turner Real Estate, Taylor Wessing and Peloton Properties acted for InfraRed. Stretton were represented by Legat Owen, CBRE and Freeths.
