Stretton sells portfolio to InfraRed

InfraRed Capital Partners, on behalf of InfraRed Active Real Estate Fund III, has acquired a portfolio of nine multi-let industrial estates from Nantwich-based Stretton Property Group for £42m.

The portfolio comprises industrial properties located throughout the North West with a combined gross internal area of around 1m sq ft, let to over 20 tenants.

James Cooper, director at InfraRed Capital Partners, said: “Our industrial team has a 20-year track-record of investing in this sector having acquired and managed over 14m sq ft of assets. This acquisition complements our existing North West portfolio which we have acquired over the past 18 months for Active Fund III and which now totals 3.4m sq ft of floor space. We believe the North West has strong prospects: the urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after London and a dynamic economic zone. We continue to seek industrial opportunities in the UK regions to further grow our existing portfolio.”

Stretton was founded 20 years ago by property agent Neil Lamont and Simon Chantler, head of dairy group Meadow Foods.

Dowley Turner Real Estate, Taylor Wessing and Peloton Properties acted for InfraRed. Stretton were represented by CBRE, Legat Owen and Freeths.