Richardson's Sell £108M Sheds As Project Bertha Rides Again
The Richardson family of Midlands property entrepreneurs has sold a second portfolio of warehouse assets for £108M.
The exit comes barely two months after the dynasty sold an 11-shed portfolio for £68M, and just two years after the family shrewdly moved into the shed sector.
The purchasers in both ‘Project Bertha’ deals were funds managed by Tristan Capital Partners.
In the latest deal Tristan’s core-plus fund, Curzon Capital Partners 5, has acquired 14 logistics sites located across schemes in Avonmouth, Worcester and Poole from Richardson Capital for £108M. The portfolio totals 870K SF.
The assets include eight existing buildings, five of which are located at Avonmouth, two in Worcester and one in Poole. Six further sites are set to be developed at Avonmouth and have been purchased on a forward commitment basis.
Canmoor Asset Management has been retained as the operating partner for the entire portfolio.
In September the Richardsons completed the first phase of 'Project Bertha': an off-market disposal to Tristan Capital Partners’ EPISO 5 fund that saw 668K SF of logistics floorspace change hands at a time when warehouse yields have scarcely been tighter.
DTRE acted as real estate adviser to Tristan.
Last month Richardson-owned Ask:Patricia won planning permission for the £260M Gateshead Quays redevelopment. The 80K SF scheme includes a world class arena, a purpose-built conference and exhibition centre, restaurants, a dual branded hotel and large areas of outdoor realm and performance space. Construction is expected to begin in March 2021 and the new complex will open in 2023.
