JR Capital and Chancerygate’s £100m multi-let industrial property investment fund has acquired assets near Exeter totalling 64,682 sq ft for an undisclosed sum.
Chelsea Trading Estate and Stanley House, which are located four miles east of Exeter within Sowton Industrial Estate, have been purchased in a move that marks the fund’s first deal in the South West.
The assets were acquired with property investor Charterhouse Property Group and comprise four units ranging from 5,000 sq ft to 40,000 ft which all benefit from excellent access to the M5.
Current occupiers at the development are auto electrician services provider Halls Electrical; sign makers Wood & Wood International Signs; Royal Mail; and Virgin Media.
The acquisition brings the fund’s total investments to circa £60m comprising more than 900,000 sq ft of industrial space across 13 assets, now ranging from Glasgow to Exeter.
JR Capital head of investments, Michael Ferris, said: “Chelsea Trading Estate and Stanley House are a welcome addition to the fund, and we are pleased to have completed another off-market acquisition. It has been a pleasure working with Charterhouse Property Group.
“Multi-let industrial real estate continues to be our main investment focus as we build a diversified portfolio of well secured assets with opportunities to add value.”
The fund has a further £40m to spend over the next six months and intends to raise additional capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
Chancerygate asset manager, George Jerram, added: “This investment marks the fund’s first acquisition in the south west of England and demonstrates our appetite to invest in high-quality, strategically-located industrial sites.
“We’re really pleased to be adding Chelsea Trading Estate and Stanley House into our expanding portfolio. The development sits in a prime location within Exeter’s industrial hub and is home to a number of well-established businesses.
“It’s an excellent acquisition for the fund and we look forward to identifying further opportunities across the South West as we continue to grow investment footprint.”
News of the deal follows soon after Chancerygate announced it is to open an office in central Bristol this September to further expand its operations within the South West and into South Wales. The office will be led by former St Modwen Industrial & Logistics managing director, Rupert Joseland, who will join Chancerygate in September as development director.
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 £225m of assets across more than five million sq ft of commercial space in more than 390 units.
Commercial property consultancy Greenberry Advisors acted for Chancerygate and JR Capital on the Chelsea Trading Estate and Stanley House acquisition.