JV partners signal growth ambitions after acquisitions in Leyland and Melton Mowbray
ALMCOR and joint venture partner Cerberus Capital Management have announced a substantial investment in two UK sites for its European Industrial Outdoor Storage (EIOS) platform.
The JV was launched in 2022 with €500m of allocated capital to deploy in target markets across the UK and mainland Europe. The platform aims to aggregate income producing assets with the potential to generate strong returns through active asset management and the creation of a specialist sector operating model.
EIOS assets are typically of low building site cover with a core focus on location and occupier demand from tenants mostly associated with logistics and light industrial sectors. Target sites normally benefit from easy access to major road / rail networks, marine ports or airports and often have close proximity to established industrial and logistics zones.
The recent acquisitions are:
• Leyland Business Park, Preston – a 48-acre multi-let industrial and open storage site with substantial development and asset management opportunities. The site benefits from excellent connectivity being adjacent to West Coast Mainline and both the M6 and the M65.
• Melton Commercial Park, Melton Mowbray – a 90-acre multi-let commercial estate with opportunities for redevelopment and energy generation . The strategically located site also benefits from two rail sidings serving a Network Rail test facility.
Peter McCluskey, Head of Active Value at ALMCOR, said: “These acquisitions provide an excellent snapshot into what we are doing in the EIOS platform. From the highly strategic location of Leyland Business Park to the critical rail facility in Melton, we’re quickly developing a diverse income producing portfolio with scope to drive value in a number of areas.
“Our Active Value platform builds on ALMCOR’s pedigree within the industrial and logistics sector, and we’re using this capability to unlock unrealised value potential through strategic acquisitions and active asset management. We’re actively looking for more EIOS investment opportunities across the UK and Europe.”
Examples of target EIOS assets include freight consolidation terminals, HGV parking, container yards, low site cover industrial / business parks, fleet storage & maintenance facilities, and bulk material storage.
Operating across Active Value and Strategic Land strategies, ALMCOR aims to identify opportunistic real estate investments driving exceptional capital returns through innovative asset management.
At Leyland Business Park, PK3 represented ALMCOR and Cerberus with BHT acting for the seller, Ainscough Properties Limited. Lambert Smith Hampton acted for ALMCOR at Melton Mowbray, with Savills representing the sellers Harworth Group.