Real estate private equity firm Northwood Investors has inked a deal to acquire a 608,000 ft2 (65,485 m2), five-asset, pan-UK industrial portfolio from a joint venture between Chancerygate and Hines.
Financial details were not disclosed.
The portfolio comprises developments in Birmingham, Bournemouth, Cheltenham, Tonbridge and Warrington. The JV will continue to develop the assets through to practical completion, at which point they will be sold to Northwood Investors.
This latest deal follows Chancerygate’s announcement in January this year that it had sold an 11-asset portfolio to Northwood Investors for an undisclosed sum.
Chancerygate’s managing director, Richard Bains, said: 'We are very pleased to have built upon our already strong relationship with Northwood Investors by agreeing the forward sale of these five sites.
'Our JV with Hines continues to be extremely successful for both parties, and this deal is evidence of the success of our strategy of investing into well located last mile logistics development opportunities.
'In line with our ambitious growth plans, we will be re-investing the funds raised as we continue to identify and acquire strategically-located sites across the UK. This approach will ensure we remain best placed to deliver the next generation of multi-unit industrial developments across the UK.'
Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8 bn (€6.7 bn) of investor capital.
Hines’ managing director, industrial and logistics, Greg Cooper, added: 'The geographical spread of the developments in this portfolio illustrates the JV’s forensic analytical approach to pinpointing locations across the UK which are ripe for the supply of modern, fit-for-purpose last-mile logistics facilities.'
Chancerygate and Hines were advised on the portfolio sale by DTRE and BCLP while Gerald Eve, Shoosmiths and Dickson Minto acted for Northwood Investors.