Clearbell finalises £174m portfolio sale
Real estate firm Clearbell has announced the sale of the final asset in its mixed-use ‘Amber’ portfolio, following the sale of a Derby-based sports complex.
Manchester-based property company Elstar purchased the Pride Leisure complex – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway, and Frankie & Benny’s – in an £8.4m off-market deal.
The sale marks the conclusion of the portfolio break-up and brings total proceeds – which were spread over 23 separate transactions – to £174m.
The Amber portfolio was originally acquired from Abrdn (Formerly Standard Life Aberdeen) in August 2015. It totalled 2m sq ft over 29 assets across the retail, logistics, and office sectors in England and Wales.
Clearbell has spent around £10m capex on repositioning the assets before selling, on completion of its asset management objectives.
Rob West, managing partner, Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions.
“We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”
Clearbell was advised by KLM.