Valor Industrial Partners 2 (VIP2), an investment partnership between Valor Real Estate Partners and AIG Global Real Estate, has acquired a portfolio of nine logistics assets in and around Greater Manchester and a further asset in Beckton, East London for an undisclosed amount.
Totalling 450,000 sq ft (42,000 m2), the assets in Greater Manchester all benefit from good access to the regional highway network and local population hubs. Three assets are located within Trafford Park; a further three are located around the southern periphery; two assets are situated in Warrington at the strategic junction of the M6 and M32 motorways, and the remaining is positioned further north along the M60 motorway.
In addition, Valor has acquired a 40,000 sq ft asset in Beckton, East London.
Separately, Valor has also completed a £21 mln (€24 mln) refinancing of three assets in Beckton, Crawley and Ashford by extending its existing Deutsche Pfandbriefbank (PBB) debt facility, established in October 2017.
Christian Jamison, managing partner of Valor commented: 'I am delighted to announce further acquisitions in the UK. Both are great examples of the attractive deals we are seeing in the market. In addition, the successful refinancing of three of our assets provides us with further flexibility to capitalise on the exciting pipeline of deals we are seeing, both in the UK and European logistics markets and to continue expanding our portfolio.'
Valor Real Estate Partners was established by Delin Capital Asset Management's former CEO Christian Jamison with KSH Capital in 2016 to invest in logistics and industrial real estate across Europe. KSH’s partners are Jeffrey Kelter and Robert Savage, the founders of KTR Capital, a North American business which US logistics giant Prologis acquired in 2015 for a total purchase price of $5.9 bn.