CBRE Investment Management has sold a five-strong portfolio of UK multilet industrial estates to TPG Real Estate, the real estate platform of global alternative asset management giant TPG, for around £85 million.
The Project Ammolite portfolio is a mix of assets owned by the Shell Contributory Pension Fund and managed by CBRE Investment Management.
The five assets are at High Wycombe Trade Park; Dukes Park Industrial Estate, Chelmsford; Croydon's Silverwing Industrial Estate; Crayside Industrial Estate in Crayford; and Titan Business Park, Leamington Spa.
TPG recently formed a £700 million strategic joint venture with M&G to manage and expand the latter's Active Growth Logistics Partnership industrial platform.
Last year TPG Angelo Gordon closed on $2.27 billion of capital commitments for its European real estate strategy. TPG AG Europe Realty Fund IV raised an additional $214 million in co-investment capital for the fund, which is TPG Angelo Gordon Europe Real Estate’s largest to date, 50% ahead of its predecessor vehicle, not including co-investment.
Angelo Gordon was bought by TPG in 2023, becoming a new diversified credit and real estate investing platform within the firm.
It has said the fund will target all property types in the UK and major markets in Western Europe and the Nordics and seek to identify off-market investment opportunities with a focus on "sub-performing assets along the entire value-add spectrum".
CBRE IM was advised by Knight Frank and CBRE. The parties involved to comment.