Lumina Real Estate Capital and Citivale set up collaborative platform to acquire industrial property across the UK

Lumina Real Estate Capital (LREC) and Citivale have created a platform to acquire industrial properties across the UK.

The collaboration will be known as LC Industrial and will involve an initial investment target of £50 million, focusing on multi-let estates up to £10m each. Acquisitions will be all-cash deals with any gearing put in place post completion.

The pair has secured its first deal, a 110,000 sq ft industrial building in South Elmsall near Wakefield, which was acquired for £4.05 million, and has its second deal under offer for circa £10million in the North East.

James Armstrong, Investment Director at Lumina, said: “We are delighted to have partnered with Citivale through our LREC Special Situations Fund II. We will be looking to build up the portfolio fairly swiftly, leveraging Citivale’s specialist knowledge and extensive regional network to identify industrial assets which will outperform.”

James Appleton-Metcalfe, Managing Director of Citivale, based in Leeds, added that the newly created platform was “looking to capitalise on strong growth in the UK regional economy by buying secondary assets and repositioning them through comprehensive refurbishment, re-gearing leases and minimising voids. We have a strong pipeline of deals already, including a number of off-market transactions.”