Clearbell and Patron Capital have announced the sale of Pyramids Business Park in Scotland, marking the joint venture’s final exit from the 2012 Mercury portfolio.
The site, in Livingston, which lies between Edinburgh and Glasgow, is an office and industrial asset of 380,000 square feet and includes multiple new lettings with tenants including HMRC, Plexus and Sofology. The sale price was understood to be in the region of £5.5 million.
The Mercury portfolio, which the firms acquired through a joint venture formed in 2012, included 24 high street retail, industrial and warehousing and office real estate assets spread across the UK. All of the assets in the portfolio were acquired from a fund managed by Henderson Global Advisors and represented a total of two million square feet. The firms have not revealed further details on the joint venture.
“The sale of Livingston marks our exit from the Mercury portfolio,” Manish Chande, senior partner at Clearbell Capital said in a statement. “Through effective asset management we were able to deliver significant returns for investors, demonstrating the value there is to be had across the UK if you find the right opportunities. He added that the firms continued to see strong demand for office and industrial real estate in areas of the country outside of London.
Daniel Weisz, senior partner at Patron Capital, said the firm would continue to deploy “significant capital within the UK”, targeting assets directly and indirectly related to the real estate sector.
He added: “We are pleased with the conclusion of this investment and the successful implementation of value-add asset management initiatives across the portfolio, which has delivered a strong return for our investors.”
Clearbell has raised capital from a selection of global investors including pension funds, fund of funds and high net worth individuals. In one of its more recent transactions, the London-based firm led a party of buyers in the acquisition of a £153 million (€214 million; $239 million) UK mixed-use portfolio from Aberdeen Asset Management.
Formerly known as Mountgrange Investment Management LLP, the firm was launched in 2007 by senior partners Chande and Martin Myers. It was later renamed Clearbell Capital in 2012 following Myers’ departure.
Meanwhile, one of the latest real estate deals for Patron Capital was the acquisition of Grainger Retirement Solutions with Electra Partners for £325 million (€440 million; $480 million) earlier this year.
Since it was founded in 1999 by Keith Breslauer, Patron has invested in more than 67 investments and programs involving over 65 million square feet in 16 countries. The firm’s investors represent a variety of sovereign wealth funds, corporate and other pension plans, university endowments, private foundations and charities and high net worth individuals located throughout the world.