Clarion Partners Europe, the international real estate investment fund manager specialising in European logistics and industrial assets, has acquired a Lancashire logistics park in a £115m deal.
Clarion made the acquisition from developer Monte Blackburn on behalf of its managed funds.
Frontier Park Blackburn, a 954,000 sq ft modern logistics park in Blackburn, was developed by the Issa brothers’ property arm, Monte Blackburn.
The brothers are better known for their EG Group petrol forecourts and fast food empire.
Completed in phases between 2019 and 2022, Frontier Park Blackburn totals 18 individual units, ranging from 6,100 sq ft to 161,000 sq ft, each featuring modern, generic specifications and an EPC rating of A or B.
The scheme is located two miles east of Blackburn’s centre and next to junction six of the M65, the economic corridor through East Lancashire, providing mission-critical proximity to local labour pools and the major cities of Manchester and Liverpool.
It is currently 94% occupied by nine tenants.
Since March 2023, Clarion Partners has invested more than £400m in the UK across 10 high quality mission-critical logistics assets in key locations, including Peterborough, Widnes, Coventry, Redditch, Kettering, and Haydock.
Neli Mihova, vice president, Clarion Partners Europe, said: “This was a rare opportunity to acquire a modern logistics scheme in the North West, below replacement cost.
“The region has been characterised by a shortage of modern stock and a muted development pipeline, underpinning the asset’s attractive reversion potential.”
Rory Buck, managing director, Clarion Partners Europe, said: “Despite continued market volatility, we have deployed a further £115m into the UK, demonstrating both our deal execution capabilities and the attractive opportunities that the current market dislocation is throwing up.
“This acquisition reflects our continued focus on modern logistics assets benefitting from supply constraints within UK logistics corridors.”
Clarion Partners Europe was advised by DLA Piper, Hollis, and Atlas Real Estate, among others.
More about Clarion Partners here: https://www.clarionpartners.com/
https://couriernews.co.uk/blog/clarion-acquires-issa-brothers-logistics-park/