Cains has assisted Clearbell Property Partners II LP (“CPP II”), with the Isle of Man law aspects of over £24 million of sales in its Amber portfolio over the last five months. The mixed-use portfolio initially comprised of 29 assets in locations across the UK, and was acquired from Aberdeen Asset Management in August 2015, with Franklin Templeton Real Asset Advisors on behalf of a client, and one other co-investment partner.
From October 2016 to date Clearbell completed on the sale of 5 assets in the portfolio, totalling 265,000 sq ft. The 5 assets comprise of 4 industrial assets in Stockton, Wickford, Milton Keynes and Swindon, and 1 office in Glasgow. The assets were predominantly sold to UK institutions. The recent sales leave CPP II with 20 remaining assets from the 29 acquired in 2015. Sales to date amount to over £44 million.
Matthew Quinn assisted from Cains Advocates and Stuart Gibson and Katherine Gomes assisted from Cains Fiduciaries.