Chancerygate has sold two urban logistics in developments totalling 275,000 square feet to Blackstone's Indurent for close to £60 million as the newly formed UK industrial platform races to £250 million of acquisitions.
The two estates are Vantage 41, which is in Aston Clinton, on College Road, near Aylesbury, and Broadway Central in Chadderton, near Oldham.
The buyer and price paid for the two estates have not formally been disclosed.
Vantage 41 is understood to have sold for £29 million to Indurent. It is an 165,000-square-foot development four miles east of Aylesbury and comprises 16 units from 4,800 square feet to 43,600 square feet.
Broadway Central comprises eight units totalling 110,000 square feet. It includes seven units across two terraces ranging from 7,600 square feet to 18,200 square feet and one standalone unit of 27,000 square feet. It is understood to have sold for around £20 million.
The development is six miles north of Manchester city centre close to the M60 and M62. It is part of the wider 121-acre mixed-use Broadway Green, which proposes 700,000 square feet of employment space and 500 homes.
Both Vantage 41 and Broadway Central achieved BREEAM Very Good rating and all properties have a mixture of EPC A and B ratings. All units have electric vehicle charging points and are constructed from high-performance building materials and 15% lights to reduce carbon dioxide emissions and occupational energy costs.
Chancerygate senior development director, Matthew Connor, said in a statement: “These deals are testament to the hard work and expertise to develop Vantage 41 and Broadway Central and will help satisfy the strong demand for urban logistics accommodation in the respective regions.
“The sales are also further evidence of our product’s sustainability credentials, flexible sizing and proximity to key infrastructure and transport hubs, which are attractive to both investors and occupiers.”
The acquisitions are among the first for Indurent since it formally launched on 1 July. Blackstone's merged companies have now invested around £250 million in UK industrial in 2024.
The new industrial business was formed via the merger of its specialist multilet industrial property company, Industrials REIT, and logistics developer and manager St Modwen Logistics.
The integrated business comprises a portfolio of more than 27 million square feet of industrial and logistics accommodation and is owned by investment funds managed by Blackstone and led by chief executive Julian Carey.
Indurent's management team also includes Tom Olsen, who is appointed chief financial officer, James Cooper, head of investment, and Lee Nash, who becomes head of development. Sarah Bellilchi is general counsel, with the business operating from offices in London and Stockport.
Since acquiring St Modwen and Industrials REIT in 2021 and 2023 respectively, Blackstone has invested well over £2 billion in the logistics businesses. Blackstone has said its new business will benefit from St Modwen Logistics's development capability and considerable land bank, which delivered circa 4 million square feet of warehouses over the past two years.
Blackstone announced its plans to merge the two businesses in February. It took St Modwen private in June 2021 for £1.3 billion and agreed the £700 million take-private of Industrials, in March 2023.
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.
The company has around 1.16 million square feet of urban logistics space under construction or ready for development across ten sites in the UK ranging from Edinburgh to Croydon.
JLL advised Chancerygate on the sale of Vantage 41.