Valor Industrial Partners 2 (VIP2), an investment partnership between Valor Real Estate Partners and AIG Global Real Estate, has bought a portfolio of nine logistics assets in and around Greater Manchester and a further asset in Beckton, East London and completd a £21m refinancing.

Valor has bought 450,000 sq ft of industrial in Greater Manchester. Three assets are located within Trafford Park; a further three are located around the southern periphery and two assets are located in Warrington at the junction of the M6 and M32 motorways, and one is located further north along the M60 motorway.

Valor has also bought a 40,000 sq ft asset in Beckton, East London.

No details were given of the prices paid or the vendors. 

Separately, Valor has also completed a £21m refinancing of three assets in Beckton, Crawley and Ashford by extending its existing Deutsche Pfandbriefbank (PBB) debt facility, established in October 2017.

Christian Jamison, Managing Partner of Valor, said: “I am delighted to announce further acquisitions in the UK. Both are great examples of the attractive deals we are seeing in the market. In addition, the successful refinancing of three of our assets provides us with further flexibility to capitalise on the exciting pipeline of deals we are seeing both in the UK and European logistics markets and to continue expanding our portfolio.”

Cane Napolitano, Principal at Valor said: “The Manchester portfolio provides exposure to an industrial market characterised by strong occupier demand across both the primary and secondary segments, strong historic rental growth driven by population expansion, and good connectivity between the inland regions, air cargo and sea ports.

"Beckton is a fantastic opportunity to acquire an asset in a truly infill, last mile distribution location. The area has historically enjoyed high rental growth, which is expected to continue as a result of declining volumes of existing industrial stock and increasing demand, particularly from occupiers being squeezed out of submarkets within the M25.”