IN Brief:
- Clearbell Property Partners IV and Deva Capital have acquired two UK industrial assets totalling 180,000ft².
- The assets include five Banbury units and the fully let Trackside Business Centre in West Byfleet.
- The joint venture has refinanced the portfolio with a £116m HSBC UK facility and £34m accordion.
Clearbell Property Partners IV, alongside joint venture partner Deva Capital, has acquired two UK industrial assets in Banbury and West Byfleet.
The acquisitions total 180,000ft² and were purchased from the Metro Property Unit Trust, managed by Federated Hermes. The deal adds five industrial units in Banbury, Oxfordshire, totalling around 115,000ft², and Trackside Business Centre in West Byfleet, a 65,000ft² multi-let industrial estate comprising 11 units.
The West Byfleet estate is fully let. Tenants across the acquired assets include food ingredients manufacturer Newly Weds, healthcare services provider EMED Group, and IT and cloud services specialist Covenco Recovery Services.
The joint venture plans asset management work at the Banbury units, including EPC upgrades to B or above and rooftop solar installation. Both acquisitions were completed in April 2026, bringing the portfolio to 23 assets and more than 1.5 million ft².
The JV has also refinanced the full portfolio with HSBC UK. The new facility totals £116m, with a £34m accordion providing capacity to scale to £150m for future acquisitions and sustainability initiatives. The four-year loan includes a one-year extension option.
The acquisitions add further weight to the UK’s mid-box and multi-let industrial market. Demand in this segment is shaped by regional distribution, light manufacturing, service logistics, healthcare support, food ingredients, repair operations, and technology services, rather than only large national fulfilment centres.
The tenant mix shows how broad industrial property demand has become. Food ingredients, healthcare services, and IT recovery operations all require well-located industrial space, but their operational needs can differ sharply from e-commerce or parcel-led distribution. Multi-let estates allow landlords to serve a more varied occupier base while giving regional businesses access to functional space close to customers, labour, and transport corridors.
The planned EPC upgrades and rooftop solar at Banbury also point to a changing asset management model for logistics property. Energy performance is now part of the operational value of a warehouse or industrial unit. Occupiers facing higher energy costs, customer reporting requirements, and sustainability targets are placing more weight on building performance, not only rent and location.
Banbury’s position in Oxfordshire provides access to the M40 corridor, linking Birmingham, Oxford, and London. West Byfleet gives the portfolio additional South East exposure, close to one of the UK’s most capacity-constrained industrial markets. Together, the assets add a mix of income, regional coverage, and improvement potential.
The refinancing structure gives the joint venture capacity to continue acquiring and upgrading regional industrial assets. In a market where occupiers need compliant, efficient, and available space, active asset management can be as important as new development.
