Firethorn trust has sold its UK logistics assets for £550 million to private investment firm Cain International.
The Grade A logistics portfolio comprises seven UK sites, which total 3.25 million ft2 across 22 assets, including two newly built developments, and five consented land sites that are set to be complete by in 2022 and H1 2023.
Peter Mather & Chris Webb, Founding Partners of Firethorn Trust said: “We have created a strong logistics warehousing pipeline over the last three years in very good accessible locations throughout the UK.
“We look forward to working with Cain International to grow the UK logistics platform to in excess of £1 billion of value over the next 12-18 months.
Adding, they said: “Firethorn is seeking new sites across the UK to develop big-box, mid-box and last-mile logistics warehousing, and we will continue to deliver to net-zero carbon standards, with ESG credentials remaining a primary focus.”
Daniel Harris, Senior Managing Director and Head of European Investment for Cain International said: “This acquisition was a unique off-market opportunity for us to enter the UK logistics market through a portfolio of considerable scale and quality.
“This is part of an exciting period of growth for Cain in the UK and follows our recent announcement that we plan to build a portfolio of PBSA assets worth £1.5 billion.”