InfraRed Capital Partners, on behalf of its InfraRed Active Real Estate Fund IV, has acquired a further 450,000 sq ft of space across four transactions and seven assets in the North West as part of an aggregation strategy to expand its Vantage industrial portfolio, now totalling 1.7m sq ft of space.
The four investments were procured off-market for their suitability to last mile delivery occupiers. Recent lettings include 66,000 sq ft of space in Manchester and Sheffield taken by leading global e-commerce companies.
InfraRed, on behalf of its Active Real Estate Fund IV, acquired the ‘Vantage Portfolio’ as part of a £93 million deal with Network Space in 2018. The overall portfolio, located within the Northern Powerhouse cities of Manchester, Liverpool, Leeds, and Sheffield, now comprises 32 assets and two development sites.
Dean Harrison, Investment Director, Real Estate at InfraRed, said: “Our recent lettings to blue-chip corporates complement the existing tenant line-up that includes Hermes, FedEx, DHL, Royal Mail, Alliance Healthcare and 3PL. We continue to see the portfolio benefitting from urban densification trends and accelerating e-commerce, particularly in the wake of COVID-19. We will look to expand our urban logistic holdings in the UK throughout 2020 for both our Active Real Estate Fund IV and our dedicated Urban Logistics Income Fund.”
Dowley Turner Real Estate, B8 Real Estate, Commercial Property Partners, Taylor Wessing and Hollis acted for InfraRed with Network Space continuing to provide development, asset, and property management services.
About InfraRed Capital Partners
InfraRed Capital Partners is a global investment manager focused on infrastructure and real estate. It operates worldwide from offices in Sydney, London, Hong Kong, New York, Seoul and Mexico City. With around 190 professionals, it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.