Tristan Capital Partners is set to acquire another three business parks from the Richardsons for around £109m, to ramp up its presence in the industrial sector.
The acquisitions are estimated to total around 900,000 sq ft across Bristol, Worcester and Dorset.
Bristol’s More+ Central Park, previously owned by a joint venture between Richardson Capital and Barberry, is among the trio.
The 559,228 sq ft site was bought for £78m. It comprises 11 speculatively-built warehouses and is being delivered in phases. Tristan has bought this on behalf of its CCP5 fund.
Network Rail’s regional distribution centre is among its tenant line-up, alongside SIG Roofing and glass supplier Pilkington.
Outside of the jv, Tristan is on the verge of completing a deal to buy the circa 223,000 sq ft Sixways Park in Worcester from the Richardson family, where an 80,000 sq ft unit is prelet to DHL. Some 114,776 sq ft of industrial and distribution space remains vacant at the scheme, as well as a standalone 28,180 sq ft office building.
The portfolio is rounded off by a 120,000 sq ft business park let to Siemens at Sopers Lane in Poole, Dorset. It is being sold by the Richardson family.
Tristan previously bought a trio of logistics sites for around £68m in September, also from the Richardsons.
DTRE is advising Tristan. Savills is acting on behalf of the Richardson family on the Poole and Worcester assets. The joint venture between Richardson Capital and Barberry instructed Cushman & Wakefield on the Bristol sale.
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