Clearbell closes £174m Amber portfolio sale

Clearbell Capital has sold the final asset in its mixed-use Amber portfolio, raising a total of £174m across 23 separate deals. Sports and leisure complex Pride Leisure in Derby – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s – has been purchased by Manchester-based property company Elstar in an £8.4m off-market sale.  The portfolio, spanning 2m sq ft, was bought by Clearbell’s property fund from abrdn in August 2015. It comprised 29 assets located in England and Scotland across the logistics, retail and office sectors.  Clearbell has spent £10m of capex on repositioning assets before selling them. This included more than 60 leasing transactions, repositioning assets for delivery of over 600 homes and energy efficiency improvements across the portfolio.   Rob West, managing partner at Clearbell, said: “We acquired the portfolio in a buoyant market in 2015, before the challenges of Brexit, Covid-19 and the rise of interest rates. Our team navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”   Clearbell was advised by KLM Real Estate.   To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @Gre_Eve or @EGPropertyNews Discover which agents have been most active in Derbyshire so far this year >> Photo © Clearbell Capital