Real estate investment firm Clarion Partners has acquired a 954,000sq ft logistics park in the North West, an area it predicts rental growth will outperform the rest of the UK.
Frontier Park Blackburn was purchased for £115m from Monte Blackburn and totals 18 individual units ranging from 6,100sq ft to 161,000sq ft, each featuring modern, generic specs and EPC ratings of A or B.
The scheme is located two miles east of Blackburn city centre and adjacent to Junction 6 of the M65, the economic corridor through East Lancashire. It is currently 94% occupied by nine tenants.
Neli Mihova, VP, Clarion Partners Europe, said: “This was a rare opportunity to acquire a modern logistics scheme in the North West, below replacement cost.
“The region has been characterised by a shortage of modern stock and a muted development pipeline, underpinning the asset’s attractive reversion potential.”
Rory Buck, Clarion Partners Europe MD, added: “Despite continued market volatility, we have deployed a further £115 million into the UK, demonstrating both our deal execution capabilities and the attractive opportunities that the current market dislocation is throwing up.
“This acquisition reflects our continued focus on modern logistics assets benefitting from supply constraints within UK logistics corridors.”
Law firm Freeths acted for Monte Blackburn.
