Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, has sold the final asset in its mixed-use Amber portfolio for £8.4 million to Manchester-based property company Elstar.
The off-market sale of major sports complex Pride Leisure in Derby – home to Everlast Gym, Oxygen Freejumping, We Are Padel, Subway and Frankie & Benny’s – marks the conclusion of the portfolio break-up, bringing total realisations of £174 million of sales across 23 separate transactions.
Having originally been acquired from abrdn in August 2015, the Amber portfolio totalled 2 million sq ft across 29 assets throughout England and Scotland, allocated across the logistics, retail and office sectors. Clearbell has spent c.£10million capex on repositioning assets before selling on completion of asset management objectives.
This intensive asset management included over 60 leasing transactions, along with other initiatives including repositioning assets for delivery of over 600 homes, and energy efficiency improvements across the portfolio.
Rob West, managing partner, Clearbell, said: “Completing the final sale of our Amber Portfolio and achieving a £174m realisation figure is a real milestone for us, and a testament to the skills of our investment team throughout challenging market conditions.
“We acquired the portfolio in a buoyant market in 2015 before the challenges of Brexit, COVID-19 and the rise of interest rates. Our team successfully navigated these headwinds and delivered improvements across the portfolio to secure a double-digit return for our investors.”
Clearbell was advised by KLM.
