ESR Europe, the European platform of global real estate investment manager ESR Group has sold a 1 million-square-foot industrial open storage park in Liverpool, understood to be one of the largest deals of its type this year in the UK.
CoStar News understands that Triumph Business Park, a multilet scheme in Speke across circa 60 acres, was sold for £63.5 million to ICG Real Estate, the real estate division of global alternative asset manager ICG, for its Metropolitan platform.
ICG declined to comment beyond confirming it had bought the building. It is also understood that Harleyford is the asset manager at the scheme.
The scheme, which is described as "highly reversionary" by agents acting for the vendor, comprises 52 units, and is used for industrial open storage, distribution and other commercial uses.
CoStar data shows that the park was bought by InfraRed Active Real Estate Fund IV on behalf of InfraRed Capital Partners for circa £30 million in 2019, reflecting a net initial yield of 9%.
ARA Europe, which rebranded to ESR Europe last year, acquired InfraRed Capital Partners in 2021. DTRE acted for the vendor while Knight Frank represented the buyer.
The site is let to 25 different tenants on 30 agreements and is close to the Port of Liverpool, Liverpool John Lennon Airport and Liverpool South Parkway.
Figures published by B8RE found that £532 million of industrial sales transacted in the first half of the year across 36 deals in the North West, broadly in line with the same comparable figure for last year, which what £538 million.
The deal represent ICG's latest buy in the UK industrial warehouse market, having completed four UK last-mile industrial and logistics deals for a total of circa £50 million through its Metropolitan platform earlier this year.
ESR Europe, ICG Real Estate, DTRE and Knight Frank were approached for comment.