JR Capital and Chancerygate’s fund buys Northampton portfolio

JR Capital and Chancerygate’s £100m multi-let industrial fund has bought five industrial properties in Northamptonshire, for £10.4m. The deal for the portfolio, sold by Edmond de Rothschild Real Estate Investment Management on behalf of Highgate Unit Trust, reflected a net initial yield of 7.1%.  The properties measure a combined 130,619 sq ft, across two multi-let estates and three single-let facilities ranging between 4,953 sq ft and 64,832 sq ft.  These are occupied by 11 tenants including toy and collectibles distributor Click Distribution; freight specialists Normal Global Logistics; healthcare provider Millbrook Healthcare; and business process automation specialist Exela Technologies.  The fund has a further £75m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m. JR Capital managing director, John Collier-Wright, said: “We have deployed cautiously over the past nine months since launching the fund and are very well placed to take advantage of current market conditions.  “The industrial and logistics sector has been one of the best performing asset classes during the lockdown and despite the short-term uncertainty, we are bullish on the outlook.” London-based JR Capital is a multi-family office business with a focus on real estate. It provides a platform for Middle East-based private and institutional clients to co-invest into both the UK and European real estate markets. Gerald Eve acted on behalf of Chancerygate and JR Capital, while legal advice was provided by real estate law firm, Maples Teesdale. Knight Frank acted for Edmond de Rothschild REIM. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette