A CARLISLE business park, which is home to companies such as Travis Perkins and Sky, has been purchased for more than £7 million.

JR Capital in partnership with Chancerygate has bought the estate after establishing a second £150m fund to invest in income producing multi-let UK urban logistics assets.

The park comprises 20 units totalling 108,000 sq ft with occupiers including Travis Perkins, Wolseley, Menzies Distribution, NHS and Sky. The asset was acquired for £7.4m and has a net initial yield of 8.1 per cent.

The fund has made its first investment with the acquisition of Port Road Business Park in Carlisle.

The latest fund has a five-year life and will target industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.

JR Capital CEO, John Collier-Wright, said: “We are pleased to have closed our second fund with Chancerygate. We remain bullish on the small-box multi-let sector due to the strength of the occupier market and robust fundamentals.

“The recent volatility in the investment markets has created good buying opportunities for investors like us that are well-capitalised and can transact quickly in cash. We try to be active and buy whilst others are selling or sitting on the side lines.”

The fund’s strategy is to acquire a geographically diverse portfolio of assets across the UK, which both generate a secure income stream from a varied tenant base and offer opportunities to add value through active asset management.

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Chancerygate managing director, Richard Bains, added: “The success of the first fund underpinned a period of significant growth for our asset management team. We now manage around £385m of assets across more than five million sq ft of commercial space in over 480 units.

“This latest fund provides us with even more firepower that the first. It shows there is ongoing demand from a myriad of entities and jurisdictions for UK logistics property of all types.

“Investors see past short-term challenges and can perceive longer term prospects with an asset class they regard as particularly resilient.”

For more information on Chancerygate visit www.chancerygate.com, for JR Capital go to www.jrcapitalgroup.com

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