JR Capital and Chancerygate’s joint £100m UK multi-let industrial sector investment fund has made its first two acquisitions for a total of £10.54m.
Completed within two months of each other following the fund’s first close in May, the sites are located in Brunswick, Tyne and Wear, and Wollaston, Northamptonshire. Together, they comprise 13 acres and almost 200,000 sq ft of multi-unit industrial buildings.
The first close raised £25m of equity giving the fund an immediate £50m to deploy. A second round of capital will be raised before the year end. The fund has a five-year life and is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
Acquired for £3.3m, Brunswick Park totals 71,700 sq ft and is a nine-unit development located around five miles north of Newcastle city centre, in close proximity to Newcastle Airport. The vendor was Litton Property Group, which owned the property since 2003.
The site is 90 per cent let, with occupiers including pipeline inspection device manufacturer Rosen and pharmaceutical, medical and healthcare distributor and wholesaler Alliance Healthcare.
Purchased for £7.24m, Wollaston Industrial Park is a 14-unit industrial estate across 127,550 sq ft located four-and-a-half miles south of Wellingborough and 15 miles west of Northampton.
The estate is fully let, with occupiers including the Salvation Army Trading Company, Dr Martens’ holding company Airwave International, Aston Martin restorers Charles Briggs and drum manufacturer O’Neill. The Vendor was Eskmuir Securities which had invested £1.3m in the site since its purchase from Standard Life in 2015.
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