Brookfield, the global alternative asset manager, and Copley Point Capital, the asset manager and principal investor, have secured an £153 million loan with Blackstone Real Estate Debt Strategies refinancing a portfolio of four UK logistics assets.
Brookfield and Copley Point Capital strategically assembled the 1.6-million-square foot portfolio during 2023. The portfolio consists of four warehouses on long-term leases to a diversified tenant base in the North West, East Midlands and London.
The London warehouse comprises 220,000 square feet of industrial at Polar Park near Heathrow bought in 2023 and leased to DHL, Circle Express and Air Menzies.
In March 2023, the duo bought three assets in Skelmersdale, Knowsley and Worksop from Tritax Big Box REIT for £125 million, as reported.
They were a 330,000-square-foot warehouse at the Arrow building G Park in Worksop, let to Cerealto, in Skelmersdale at Nexus 471, a 470,000-square-foot DHL distribution hub, and at Knowsley Industrial Park near Liverpool a 578,000-square-foot Matalan warehouse.
The refinancing was arranged by a Newmark team comprising Matthew Featherstone, head of UK and European debt and structured finance, managing director Steve Williamson and vice-president Matthew Kang.
Canadian investor Brookfield re-entered the UK logistics market with the 2022 recapitalisation of Copley Point Capital, a manager of European real estate and real assets. The joint venture recapitalised an approximately £180 million, 1.5 million-square-foot UK logistics portfolio.
Brookfield previously owned UK-based business Gazeley but sold it in late 2017 to GLP.
Copley Point has been one of the busiest acquirers of UK logistics recently via various joint ventures.