Richardson sells industrial portfolio to Tristan

1st September 2020

Tristan Capital Partners has acquired an off-market logistics portfolio from the Richardson family and their joint ventures St Francis Group and Curtis Hall for around £68m, React News can reveal.

The 11 asset collection totals 668,000 sq ft and is spread across three sites in Redditch, Kettering and Avonmouth

It includes Velocity 42 in Redditch, Cransley Park in Kettering, and Western 105 in Avonmouth. The assets are all currently vacant with the exception of one tenant based in Redditch.

The buildings were recently developed by the Richardson family and have been finished to a high standard with specifications that appeal to modern occupiers, according to the buyer.

Tristan is deploying capital from its latest value-add/opportunistic fund, EPISO 5, which closed in February last year with €1.7bn of capital and targets 12-14% returns.  

Nicho Jenkins, managing director at Tristan, said: “The coronavirus crisis has accelerated e-commerce trends in the UK, resulting in a surge in occupational demand for strategically located warehouses.

Source React News 1st Sep 2020

“The UK is suffering from a limited supply of new logistics buildings and the modern, flexible space offered by these recently developed assets has already attracted strong interest from a variety of potential occupiers. Our plan is to lease up the vacant space and pursue similar opportunities to potentially build out a UK logistics portfolio.”