“This was a rare opportunity": Huge Lancashire business park is bought in £115m deal
A major business park with almost 1million sq ft of space has been sold in a £115m deal.
Clarion Partners Europe, the real estate investment fund manager, has purchased, on behalf of its managed funds, Frontier Park Blackburn - a 954,000 sq ft modern logistics park from developer Monte Blackburn Ltd.
Frontier Park Blackburn totals 18 individual units, ranging from 6,100 sq ft to 161,000 sq ft, each featuring modern specifications and an EPC rating of A or B. The scheme, which was built between 2019 and 2022, is located two miles east of Blackburn town centre and adjacent to Junction 6 of the M65. It is currently 94 per cent occupied by nine tenants.
Since March 2023, Clarion Partners has invested more than £400m in the UK.
Neli Mihova, vice president, Clarion Partners Europe, said: “This was a rare opportunity to acquire a modern logistics scheme in the North West, below replacement cost. The region has been characterised by a shortage of modern stock and a muted development pipeline, underpinning the asset’s attractive reversion potential."
Rory Buck, managing director at Clarion Partners Europe, added: "Despite continued market volatility, we have deployed a further £115m into the UK, demonstrating both our deal execution capabilities and the attractive opportunities that the current market dislocation is throwing up. This acquisition reflects our continued focus on modern logistics assets benefitting from supply constraints within UK logistics corridors."