The deals – split between the Shelby Portfolio of three Birmingham estates and a standalone asset in Crawley, West Sussex – provide a total of over 250,000 ft2 (23,200 m2) of space, increasing the size of Ardent UK’s industrial platform by more than 10%.

Richard Benson, managing director of Ardent UK, said: 'Our focus when building this industrial platform has been on quickly achieving scale and geographic balance with assets that offer asset management potential, and to grow the portfolio to over 2.25 million ft2 in less than 18 months is a sign of our ambition.

'Demand for these assets remains high, and as such it is particularly pleasing to secure the Shelby Portfolio, which was not only highly competitive but also partly due to our reputation for acting swiftly and with integrity when acquiring.'

The Shelby Portfolio was acquired from LondonMetric Property for £21.6 mln, reflecting a net initial yield of 5.7%. The portfolio provides a total of 235,314 ft2 of industrial space, split across three key strategic Birmingham locations: Forge Trading Estate (77,036 ft2 of space across 26 units) in Halesowen; Mucklow Hill Trade Park (96,369 ft2 across 19 units), also in Halesowen; and Long Acre Trading Estate (61,909 ft2 across eight units) in Aston.

The portfolio has a current occupancy rate of 99%, with good reversionary potential, according to Ardent.

51-55 Gatwick Road, part of Crawley’s Manor Road Industrial Estate area and within a mile of Gatwick Airport, comprises three light industrial units totalling 17,342 ft2, 1,994 ft2 of retail space and 1,575 ft2 of offices, with occupancy standing at over 95%.

The deal marks Ardent UK’s second purchase from the Pears Group, acquired for £3.1 mln, reflecting a net initial yield of 6.62%.

The new acquisitions bring Ardent UK’s national industrial and logistics portfolio, which made its first buy in March 2021, to over 2.25 million ft2 of space. The Shelby Portfolio and Crawley assets also represent new geographic expansions for the platform.

Andrew Jones, chief executive of LondonMetric, commented: 'We have continued to react to market interest for our assets and, despite the current macro uncertainty, have achieved strong sales that crystalise attractive returns. This activity continues to ensure that our portfolio remains modern, fit for purpose and positioned to outperform.'

Ardent UK was advised by Knight Frank on the Shelby Portfolio and Cushman & Wakefield on 51-55 Gatwick Road, with legal advice from Greenberg Traurig on both deals.

ACRE Capital Real Estate acted on behalf of LondonMetric Property and the Pears Group was represented by Ereira Mendoza.