Harleyford Capital and ICG acquire logistics asset for €73m

Harleyford Capital, in collaboration with ICG, has completed a £63.5 mln (€73.1 mln) off-market acquisition of a logistics asset in the North West of England, known as Triumph Business Park. 

Triumph Business Park

The industrial estate is located in the Liverpool area, encompassing around 92,903 m2 spread across more than 50 units on a site exceeding 24.3 hectares. It features good connections to national transportation networks and houses a diverse mix of tenants, including logistics companies, manufacturers, and established small and medium-sized enterprises.
The asset possesses strong underlying fundamentals, with an average rent below £5 per sq ft, significant potential for rental increases, and an average remaining lease term of over 5 years.
A planned asset management strategy aims to increase occupancy by leasing vacant spaces and completing lettings in newly developed units. It also intends to raise rents through lease renegotiations and by aligning them with current market rates. Redevelopment of underused land, totalling over 4 hectares, is also planned, along with further environmental, social, and governance (ESG) improvements, such as sustainable infrastructure and energy efficiency upgrades.
The estate's location near key employment, transport, and manufacturing hubs positions it well to capitalize on growing occupier demand. The local market is characterized by a historically low vacancy rate and a limited supply of modern logistics space suitable for small to medium-sized businesses.
Harleyford Capital, Knight Frank, BDO, and Ashurst advised ICG on the transaction.