Two warehouses in Wrexham were acquired by a Singapore-based fund manager, Acquired by Elite Partners Capital (EPC), for over £30m.
With 711,633 square feet of space on 45.9 acres, the property is one of the largest e-commerce retailers in the UK and was being let to ShopDirect Home Shopping, part of The Very Group.
B8 acted for the property provider, a major UK pension fund, while Colliers acted for the EPC. The deal is the first acquisition in the UK for EPC Logistic Fund II, which aims to build on the significant track and deep network the manager has built over the years.
Victor Song, CEO of Elite Partners Capital, said the acquisition is part of the company’s broader plan to assemble an institutional portfolio of world-class logistics assets in Europe and the UK.
“We believe that this asset is particularly well-placed to benefit from the highly dynamic logistics market in the UK where the demand for logistics warehouses remains strong and resilient.”
The transaction marks the culmination of a 10-year project in which B8 Real Estate supported the transfer after purchasing the property on behalf of the seller. The B8 team consisted of Simon Wood, John Burroughs and Joe Sinclair from the investment team and John Thorne from the professional team.
Simon Wood said:
“B8 Real Estate prides itself on its involvement in the North Wales market, particularly the major industrial areas of Wrexham and Deeside. Having acquired both these units for our client circa 10 years ago, it has been great to successfully complete their business plan which involves a substantial regear, reletting and repositioning of the combined assets. The sale attracted a lot of interest from investors in the UK and overseas, proves the growing global attraction and awareness of industrial areas such as this which 10 to 15 years ago would not necessarily have been on their requirements list. It has been a pleasure to deal with both the buyer and their advisors Colliers.”
Meanwhile, Michael Kershaw of Colliers represented Elite Partners Capital. Wrexham Industrial Park is one of the largest industrial parks in the UK and is well positioned for Wales and England. There are over 340 companies employing over 10,000 people on over 550 hectares of land.