Tristan closes on £34m sale of estate
Tristan Capital Partners' core-plus CCP 5 Fund has completed the off-market sale of a light industrial site in Wednesbury, West Midlands to Patrizia for £34 million.
Since acquiring the 440,000 sq ft asset in March 2019, rents have increased driven by a strong local logistics market and two new tenants, Toolstation and Howdens Joinery Group, have taken space at the site.
The asset is managed by M7 Real Estate.
Jean-Phillipe Blangy, head of asset management at Tristan Capital Partners, said: “The West Midlands boasts a strong local economy and easy connections to the rest of the country, ensuring well-located industrial assets like this will always attract investor interest. The sale of this asset off-market is testament to the smart management and sizeable increase in rent return since we acquired it two years ago.”
Sadie Fitzpatrick, senior asset manager at M7 Real Estate, commented: “Completion of the various asset management strategies, in record time, enabled an early disposal which took advantage of the current levels of exceptionally strong demand for high quality, well located multi-tenanted industrial estates such as Wednesbury.
“We are pleased that PAtrizia share our view of the long-term prospects for this key industrial estate in the heart of the West Midlands and that together we have delivered a good result for our client and the fund. We are proud to have worked on this project – our first with Tristan Capital Partners – and we look forward to growing the relationship in the future.”
The seller was advised by TT&G. The buyer was advised by Caisson IM/Gerald Eve.
