Clearbell exits property portfolio with sale of final asset

CP Real Estate Limited (CPRE) has sold the final asset in its 13-asset portfolio totalling 66,425 m2 and €121.4 mln in value.

The Radius 2,322 m2 retail and leisure scheme in Prestwich went for €4.2 mln.

Clearbell Capital advised CPRE from the start in 2014, setting up a diversified portfolio and providing investors with an annual dividend yield of 4.6%.

Clearbell undertook several asset management initiatives to maximise returns along with sector rebalancing including the sale of Kingston retail to increase logistics exposure in 2018.

Rob West, partner Clearbell, said: ‘Our decision, taken back in 2014, to go overweight in industrial/logistics and underweight in retail, focussing on assets with low in place rents, has been vindicated by the portfolio’s performance relative to its target benchmark.’

Adam James, asset management director, Clearbell, added: ‘This last sale signifies the culmination of a strong performing mandate for Clearbell. I am particularly proud of the impact we made improving the ESG credentials of assets where possible, in line with our sustainable approach to asset management.’

The portfolio achieved a 9.8% total return (2014-2022), compared to the MSCI UK Quarterly Property Index for the same period of 7.5%.

Upon sale, 98% of the portfolio was let across 48 tenancies.

Clearbell was advised by Gerald Eve on the portfolio disposals.


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