A property of nine industrial units at West Point Industrial Estate in Cardiff has been acquired for £3.45m by a £100m multi-let industrial property investment fund.
Managed by property investment company JR Capital and industrial asset manager Chancerygate, the fund has acquired the nine units, totalling 33,977 sq ft, from commercial property management, development and investment company, Telereal Trillium.
The nine units range from 3,079 sq ft to 7,356 sq ft and are located on Penarth Road, the main arterial route into Cardiff from the west of the city centre. West Point Industrial Estate benefits from quick links to Junction 33 of the M4 via the A4232 and is just three miles away from Cardiff city centre.
Current occupiers of the units include advertising specialist, Clear Channel UK; same day courier, CitySprint; and trade electrical products manufacturer, PremSpec Electrical Products.
The purchase by the fund brings its total investments to £32m comprising over 400,000 sq ft of industrial space following its recent acquisition of Commerce Trade Park in Birkenhead. Other properties managed by the fund include Brunswick Park near Newcastle airport, Sandbeds Trading Estate in Ossett, West Yorkshire, Wollaston Industrial Park near Wellingborough and a portfolio of five assets near Northampton town centre.
JR Capital investment manager, Caleb Stewart, said:
“We are pleased to have closed another off-market transaction for the fund. This investment is ideally suited for the fund, offering both secure & well diversified income from a broad range of occupiers, as well as giving us exposure to Cardiff, a market with strong fundamentals.
“We will be active next year and plan to increase our exposure to the South Wales region as we continue to deploy.”
The fund has a further £68m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
Chancerygate asset manager, George Jerram, added:
“Our investment in Cardiff is indicative of the confidence we have in the local market for industrial property and is an excellent fit for our investment and asset management strategy.
“Demand for warehousing and industrial units remains strong both regionally and nationally, which has presented us with a great opportunity to enhance the geographical spread of our portfolio, as we have done with our latest acquisitions in Cardiff.”
London-based JR Capital is a FCA-registered multi-family office business with a focus on real estate. It provides a platform for its Middle East-based private and institutional clients to co-invest into both the UK and European real estate markets. Founded in 2005 by John Collier-Wright, it has concluded over £2bn of transactions across all sectors.
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide with offices in London, Warrington, Birmingham and Milton Keynes. Its asset management team currently manages £220m of assets across 4.9m sq ft of commercial space in more than 350 units.
Knight Frank acted on behalf of Chancerygate and JR Capital, while Cooke & Arkwright acted for Telereal Trillium.
