Harbert Management Corporation has sold five UK industrial properties for £82 million (€96 million; $132 million) – some £17.6 million more than it paid for them less than 18 months ago.
The Alabama-based firm said it was able to sell them to UK-listed property company, London & Stamford, much sooner than anticipated.
Harbert acquired the properties for Harbert European Real Estate Fund II for £64.4 million from Denver logistics giant ProLogis. The assets comprise a total of 859,127 square feet let to occupiers including UK retailer Next, Keystone Distribution, Gist Ltd, NYK Logistics and French Connection UK.
Scott O’Donnell, Harbert’s senior managing director and head of Europe, said in a statement: “Whilst we remain a net buyer of UK real estate, we were able to achieve our business plan with respect to this portfolio much earlier than anticipated.”
He added the firm was always looking to take advantage of opportunities to exit existing investments.
Harbert European Real Estate Fund II closed on $315 million in 2007. In an interview with PERE last December, the firm said fund two was around 75 percent invested.