JR Capital and Chancerygate’s £100m multi-let industrial property investment fund has acquired six new assets for a combined value of almost £20m.
The deals see the fund boost its portfolio of industrial space to 19 assets ranging from Dundee to Exeter comprising 120 units with a total investment value of around £80m.
The latest round of acquisitions includes three multi-let industrial estates; Armtech Row & Technine in Yeovil; G3 in Dundee; and Hellaby Industrial Estate in Rotherham.
Armtech Row & Technine comprises 14 units and has been acquired by the fund from real estate investment company Mayfair Capital for £4.5m. G3 comprises four units and has been bought from property group West Ranga for £6.5m. Meanwhile, Hellaby Industrial Estate comprises seven units and was purchased from property management company TWS Property for £2.75m.
The fund has also acquired two single let warehouses; a unit in Billingham currently occupied by DPD and a unit in Stockton-on-Tees, occupied by Howdens Joinery. Both warehouses were acquired from TWS Property, for £1m and £775,000 respectively.
The recent acquisitions are completed by Peterborough Trade Centre, a multi-let trade counter scheme comprising six units, acquired from real estate investment management firm Clipstone for £4.4m.
The fund has a further £20m to spend and intends to raise additional capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
JR Capital CEO, John Collier-Wright, said: “These most recent acquisitions demonstrate our continued strong appetite for investment in the industrial property sector.
“We see really strong fundamentals underpinning the UK’s industrial property market and that gives us confidence to continue pursuing an ambitious acquisition strategy. We’re delighted to add these new assets to the fund and we remain committed to identifying and securing prime industrial assets across the UK.”
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’s head of asset management, Rory Finnan, said: “These acquisitions further increase the fund’s presence in strategic locations across the UK, with the G3 industrial estate in Dundee a perfect example of this. It is our second acquisition in Scotland and further cements our position in an important regional market.
“Completing six acquisitions in a short space of time shows our continued commitment to the market. However, with £20m still available to invest, we are still looking to grow the fund’s footprint in areas where we see a strong market case to do so.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide from its offices in London, Birmingham, Warrington and Milton Keynes.
The company’s asset management team currently manages in excess of £255m of assets across more than five million sq ft of commercial space in more than 390 units.
Chancerygate and JR Capital were advised by four agents across the six acquisitions – Aurum, Colliers, Lismore and The Acquisition Group.