Tristan and Canmoor complete sale of Kettering and Redditch logistics assets for £80.15m

Tristan and Canmoor complete sale of Kettering and Redditch logistics assets for £80.15m

Tristan Capital Partners’ European Property Investors Special Opportunities 5 (EPISO 5) Fund and Canmoor Asset Management have completed the sale of two prime mid-box logistic assets in Kettering and Redditch to Clarion Partners Europe for £80.15m.

Velocity 42 at Redditch, located 15 miles south of Birmingham’s city centre consists of 4 logistic units across 287,000 sqft. Crossfire 14 at Kettering, strategically located within the UK’s logistics “Golden Triangle”, consists of 5 logistic units across 271,000 sqft. Both schemes were built in 2019 and benefit from BREEAM “Very Good” certifications and EPC “A” ratings.

With close connectivity to excellent transport networks across the UK, both assets have benefitted from strong occupier demand and were sold fully let. Under EPISO 5’s ownership and the strategic asset management of Canmoor, the logistics units across both locations have attracted some of the UK’s fastest growing and high calibre occupiers with occupancy increasing from 14% to 100% and rents growing in excess of 35% over the period.

Annabel Cullen, Director at Tristan Capital Partners, said: “With their well-connected, highly accessible locations, Velocity 42 and Crossfire 14 were excellent acquisitions for our EPISO 5 fund. Throughout our tenure, both estates have benefited from a positive series of leasing deals and attracted high quality tenants. There is clear investor appetite for well-located logistics assets which can provide secure, reversionary income.  We saw this as the right time to sell and ensure strong returns for our investors”

Tom White, Director at Canmoor Asset Management, said: “Both Redditch & Kettering assets were acquired during the covid pandemic but there was clear optimism in both the occupational and capital markets for well located, best in class mid-box logistic assets.  These fundamentals were are at the heart of the business plan and we’re pleased with the leasing results and active asset management of these assets over the hold period to deliver this result for our partner”

Tristan and Canmoor were advised by DTRE, CMS and PwC.