JR Capital and Chancerygate fund acquires Glasgow and Leeds assets for GBP6.15m

JR Capital and Chancerygate fund acquires Glasgow and Leeds assets for GBP6.15m

Posted by JR-Capital in News

JR Capital and Chancerygate’s GBP100 million multi-let industrial property investment fund has acquired sites in Glasgow and Leeds totalling 83,109 sq ft for GBP6.15 million.


Clyde Gateway Trade Park is a 27,409 sq ft asset which has been acquired for GBP2.35 million in a move that marks the fund’s first acquisition in Scotland. In Leeds, the fund has purchased the 55,700 sq ft Eagle Industrial Estate for GBP3.8 million.


The acquisitions bring the fund’s total investments to circa GBP50 million comprising 650,000 sq ft of industrial space across 12 assets ranging from Glasgow to Northampton.


The Glasgow asset comprises four light industrial units ranging from 5,000 sq ft to 7,000 sq ft. It is located three miles south east of Glasgow in the heart of the Clyde Gateway regeneration area and provides quick access to the M74.


Current occupiers at the scheme are Evolution Fasteners, a manufacturer of high-performance fasteners for the construction industry, and vehicle conversion specialist Allied Vehicles.


The Leeds asset comprises seven light industrial units ranging from 3,000 sq ft to 13,000 sq ft, as well as a 0.25-acre storage yard, and is located approximately one mile from the city centre.


Current occupiers are home furnishing business, Instore Direct; display and signage specialist, BSW; traffic management sub-contractor, Premier Traffic Management; and fishing and angling retailer, Bobco Fishing Tackle.


JR Capital head of investments, Michael Ferris, says: “The acquisitions in Glasgow and Leeds are excellent additions to our growing portfolio and help us increase the fund’s presence across in the UK. Clyde Gateway Trade Park is the fund’s first acquisition in Scotland and enables us to enter an exciting and important market with strong underlying fundamentals.


“These acquisitions are a great way for us to start the year and we are looking forward to being active in the market across 2021 as we look to further expand our portfolio across the UK.”


The fund has a further GBP50 million 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 GBP3m to GBP15m.


Chancerygate asset manager, David Tyson, says: “The fund’s investment in these two sites is indicative of the confidence we have in the industrial property market, where we are seeing growing demand for high-quality light industrial and warehousing space driven by the needs of a diverse range of businesses.


“That trend is clearly visible at both Clyde Gateway Trade Park and Eagle Industrial Estate, which play home to a number of diverse, well-established businesses. Combined with the prime location of these sites, these fundamentals make both assets great additions to the fund’s portfolio.”


London-based JR Capital is a FCA-registered multi-family office business with a focus on real estate. It provides a platform for its Middle East-based private and institutional clients to co-invest into both the UK and European real estate markets. Founded in 2005 by John Collier-Wright, it has concluded over GBP2 billion of transactions across all sectors.


Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in Warrington, London, Birmingham and Milton Keynes and its asset management team currently manages in excess of GBP255 million of assets across more than five million sq ft of commercial space in more than 390 units.


Colliers International advised Chancerygate and JR Capital on the acquisition of both assets. Galbraith and Ryden acted for the vendor on Clyde Gateway Trade Park while RY Partnership advised the vendor on Eagle Industrial Estate.


You can see the full article featured in Property Funds World Week here.

12 Mar 2021