Two urban warehouse portfolios forward sold for £170m plus

Developer Chancerygate has forward sold two BREAAM ‘Very Good’ urban warehouse portfolios to US private equity group Westbrook Partners for £172.5 million.

The first portfolio, which was wholly owned by Chancerygate, is called Urban Portal and comprises three multi-unit logistics developments located in Aston Clinton, Brackley and Leicester. The schemes will total 347,177ft2 across 45 units and all three are set to practically complete in the next 12 months.

The second portfolio, called City Gateway, comprises three multi-unit developments in Edinburgh, Leeds and Peterborough. The three schemes were jointly owned by Chancerygate and Bridges and will total 485,389ft2 across 61 units, providing 43 industrial/warehouse units, 16 trade counter units and two drive throughs. The three schemes are set for practical completion in the next 24 months.

In total, the portfolios comprise 832,000ft2t over 42 acres, with each of the six schemes being acquired on a forward-commitment basis. All the newly built units will have market leading green credentials and will be constructed to the highest specification.

JLL is instructed to pre-lease the portfolio

Chancerygate managing director, Richard Bains, said: “Our strategy of focusing on acquiring urban logistics sites and delivering Grade A schemes benefiting from strong environmental credentials has been borne out by the very strong interest we received for these portfolios.

“The funds from the disposal will be used by us to invest in further strategic speculative development opportunities as Chancerygate continues to expand throughout the UK.”

Tudor Real Estate represented Westbrook. JLL advised Chancerygate and Bridges Fund Management.