Almcor and Cerberus buy sites for industrial outdoor storage platform
Almcor and joint venture partner Cerberus Capital Management have bought two UK industrial sites for £50m as it grows its European industrial outdoor storage platform.
The jv has bought Leyland Business Park in Preston, a 48-acre multi-let industrial and open storage site with “substantial” development and asset management opportunities. The vendor was Ainscough Properties.
It also purchased Melton Commercial Park from Harworth Group. The site, in Melton Mowbray, is a 90-acre multi-let commercial estate with scope for redevelopment and energy generation. The location is boosted by two rail sidings serving a Network Rail test facility.
Almcor and joint venture partner Cerberus Capital Management have bought two UK industrial sites for £50m as it grows its European industrial outdoor storage platform.
The jv has bought Leyland Business Park in Preston, a 48-acre multi-let industrial and open storage site with “substantial” development and asset management opportunities. The vendor was Ainscough Properties.
It also purchased Melton Commercial Park from Harworth Group. The site, in Melton Mowbray, is a 90-acre multi-let commercial estate with scope for redevelopment and energy generation. The location is boosted by two rail sidings serving a Network Rail test facility.
The joint venture was launched in 2022 with €500m (£433m) of allocated capital to deploy in target markets across the UK and mainland Europe.
The platform aims to aggregate income-producing assets with the potential to generate strong returns through active asset management and the creation of a specialist sector operating model.
EIOS assets are typically of low building site cover with a core focus on location and occupier demand from tenants mostly associated with logistics and light industrial sectors. Target sites normally benefit from easy access to major road or rail networks, marine ports or airports and often have close proximity to established industrial and logistics zones.
Examples of its targeted EIOS assets include freight consolidation terminals, HGV parking, container yards, low site cover industrial and business parks, fleet storage and maintenance facilities and bulk material storage.
Peter McCluskey, head of active value at Almcor, said: “These acquisitions provide an excellent snapshot into what we are doing in the EIOS platform. From the highly strategic location of Leyland Business Park to the critical rail facility in Melton, we’re quickly developing a diverse income-producing portfolio with scope to drive value in a number of areas.
“Our active value platform builds on Almcor’s pedigree within the industrial and logistics sector, and we’re using this capability to unlock unrealised value potential through strategic acquisitions and active asset management. We’re actively looking for more EIOS investment opportunities across the UK and Europe.”
PK3 represented Almcor and Cerberus on the deal for Leyland Business Park, with BHT acting for the seller. Lambert Smith Hampton acted for Almcor at Melton Mowbray, with Savills representing Harworth Group.
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