Twelve units on Eastbourne industrial estate bought for £13.7 million
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Managed by property investment company JR Capital and asset manager Chancerygate, the fund has acquired the units on Compton Industrial Estate in Alder Close from a joint venture between commercial property business Canmoor and investment company JCAM for £13.7m. This reflects a net initial yield of seven per cent.
The 12 units range from 3,555 sq ft to 22,785 sq ft, according to a spokesperson.
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Hide AdJR Capital’s CEO John Collier-Wright said: “Eastbourne is the third acquisition for the new fund in as many months and it presented us with a good opportunity to allocate capital to the south coast, a region underpinned by strong occupational demand, a lack of available units and very few new developments in the pipeline.
“The estate offers well diversified and reversionary income, with short term opportunities to add value by refurbishing and re-letting units. It is well positioned for growth over the next cycle.”
JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m-£15m.
The partners’ first fund, which totalled £100m, secured 18 assets from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.
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Hide AdCommenting on the acquisition, Chancerygate asset management director George Jerram said: “Our latest acquisition sits in one of Eastbourne’s prime industrial locations and reflects the strong confidence we have in the local market for urban logistics accommodation.
“There remains strong demand for urban logistics property both regionally and nationally. Compton Industrial Estate is a key opportunity to expand the geographical spread of our portfolio with a well-established, strategically located asset.”
London-based JR Capital is a multi-family office business with a focus on UK and European real estate. The business provides a platform for its Middle East-based private and institutional investor based principally from Saudi Arabia, Bahrain, Qatar, Dubai, and Kuwait to co-invest into both UK and European real estate via funds and segregated mandates.