Polaris

Dec 8, 2023

Five industrial properties in Sheffield and Middlesborough have been sold for a combined £24.85m. Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, has announced the sale of five assets in its industrial Polaris portfolio. The assets, comprising five industrial sites totalling more than one million sq ft, were sold to separate buyers in off-market sales. In Sheffield, the two largest assets, Davy Markham Industrial Park and Sheffield Parkway, have been sold to a Midlands-based property company and a real estate investment fund, respectively. In Middlesborough, Clearbell has completed the sale of 1&2 Queensway to Leader Online Ltd, having welcomed new tenants to both units on the site. The smallest of the sites, Hutton Business Park in Rotherham has also been sold. In the six months prior to sale, the units had been fully let. The final of the five assets, PM House in Sheffield, was sold to a private buyer at auction for £2.3m. Clearbell acquired the Polaris portfolio, comprising assets predominantly in the North of England, in August 2015. Rob West, managing partner at Clearbell Capital, said: "The completion of sales on these five key assets is an important step for our Polaris Portfolio and a clear demonstration of our patient, principled and forensic approach. These sales demonstrate that liquidity has returned to well-priced industrial assets. "Our investment and asset management teams have done well to capitalise on this, growing income across the portfolio before returning capital to investors." Clearbell was advised by CPP and Gerald Eve.