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Moorfield Group and Peloton Real Estate\u2019s UK open-storage logistics facilities investment venture has added four sites to its portfolio. <\/span><\/span><\/span>The partnership has acquired the portfolio, comprising four sites in Newport, Peterborough, Preston and Tewkesbury for \u00a326m (\u20ac29m). The sites are leased to used vehicle marketplace BCA.”<\/span><\/span><\/span><\/p><\/blockquote>\n
In July last year, Moorfield and Peloton partnered to create the venture which expects to put together an initial \u00a3100m portfolio.<\/span><\/span><\/span><\/p>\n
Moorfield, investing on behalf of its Moorfield Real Estate Fund V, is the majority investor in the joint venture. Peloton will mainly be responsible for identifying acquisitions and operating the portfolio. <\/span><\/span><\/span>The latest deal lifts the partnership\u2019s portfolio to over 50 acres across six sites.<\/span><\/span><\/span><\/p>\n
With a number of sites under offer, the partnership\u2019s near-term pipeline would expand its owned portfolio to 70 acres across 10 sites, with a collective value of approximately \u00a390m.<\/span><\/span><\/span><\/p>\n
Nick Okell, investment director at Peloton, said: \u201cThese assets are aligned with our strategy, being in recognised logistics locations close to established urban centres and providing a strong income return profile.<\/span><\/span><\/span><\/p>\n
\u201cWe continue to be on the lookout for further acquisitions to add to our rapidly growing portfolio with Moorfield, with a healthy near-term pipeline that will put us within touching distance of our initial target size and provide a solid foundation for future growth.\u201d<\/span><\/span><\/span><\/p>\n
Chris Perera, senior investment manager at Moorfield, said: \u201cThe rapid success of our open-storage joint venture with Peloton, <\/span><\/span><\/span>combined with the sector\u2019s compelling fundamentals, give us strong conviction to keep growing the platform.<\/span><\/span><\/span><\/p>\n
\u201cWe have a proven track record of institutionalising emerging sectors across the spectrum of alternative and operational real estate and believe we can replicate our success across other asset classes in open storage.<\/span><\/span><\/span><\/p>\n