Vengrove has agreed a partnership with a global institutional investor, launching a UK focussed value-add industrial and logistics strategy.
The emerging fund manager has commenced the investment period for VRE Industrial Partners (VREIP), which will pursue a value-add strategy investing in and developing industrial real estate across the UK. The JV is aiming to assemble an initial portfolio of £150m. VREIP has completed the purchase of the seed assets, with further follow-on acquisitions in solicitors’ hands.
The seed acquisitions include a Grade A big-box logistics unit in Seaham, County Durham, which was acquired with vacant possession, and subsequently leased, within four weeks of acquisition, to a national logistics provider on an unbroken 10-year term as well as a 9.5 acre site in Stoke-on-Trent, currently let to AO/Expert Logistics, which will be reconfigured to provide 160,000 sq ft of high quality mid-box and multi-let industrial units.
Will Hunting, Head of Investment at Vengrove, commented, “We are excited to launch this strategy and to have completed the first acquisitions. We look forward to deploying further capital in the short term and building on our track record of identifying and creating value in the industrial and logistics sector.”