Privately owned real estate investor and developer, Firethorn Trust, has completed the sale of its UK logistics assets for £550 million to Cain International the privately held investment firm operating in the United States and Europe.
The Grade A logistics portfolio comprises seven UK sites, totalling 3.25 million sq ft across 22 assets, including two newly built developments, and five consented land sites that are on course for completion in 2022 and H1 2023.
The acquisition represents Cain’s entry into the UK logistics market. As part of the transaction, Firethorn Trust will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain.
Peter Mather & Chris Webb, Founding Partners of Firethorn Trust said: “This is a great partnership for both parties and Firethorn is looking forward to continuing its high value creation strategy through the development and management of outstanding sustainable logistics warehousing solutions, and the acquisition of new sites which offer strong potential for long-term income and capital appreciation.”
“In partnership with Cain International we are looking to grow the UK logistics platform to in excess of £1bn of value over the next 12-18 months.”
Daniel Harris, Senior Managing Director and Head of European Investment for Cain International said:
“This acquisition is part of an exciting period of growth for Cain in the UK. With the wider logistics sector poised to continue its impressive outperformance of recent years, we look forward to working with Firethorn Trust to develop and grow our UK logistics portfolio.”
Stephenson Harwood, PwC, Eastdil Secured and Quartz acted on behalf of Firethorn Trust.
Taylor Wessing, KPMG, Cushman & Wakefield and Paragon acted on behalf of Cain International.
Since formation in 2018, Firethorn has acquired 190 acres across 7 sites and is delivering over 3.25million sq ft of logistics warehousing accommodation in Northampton, Leighton Buzzard, Ellesmere Port, Peterborough, Leeds, Barnsley and Belvedere, South East London.
Cain International is a privately held investment firm operating in the United Kingdom, Europe and the United States. Founded in 2014, the firm invests in real estate debt, equity, and experiential businesses, and currently manages $10.8 billion in assets (as of 31 Dec. 2021).