Travers Smith LLP has advised Clearbell Property Partners III LP (Clearbell), a fund managed by long-term client Clearbell Capital LLP on the acquisition of the 120,000 sq ft Orbital retail park in Cannock, Staffordshire.
The asset has been acquired fully let from M&G Real Estate, with plans to carry out refurbishments to the assets over the coming months. The retail park is ideally located at a main junction in Cannock, within reach of the M6.
Clearbell Capital LLP is a UK-based real estate fund management and advisory business with a global investor base. It invests in and advises on a diverse range of real estate projects across the UK. Covering everything from active asset management to developing properties across all real estate sectors, it seeks out opportunities to create value.
The Travers Smith team was led by Real Estate Partner Emma Pereira and Head of Real Estate Finance Danny Peel with support from Real Estate Senior Associate Tony Dosanjh, and Finance Senior Associate Laura Smith, and Finance Trainee Katy Lavall-Smith.
Rob Mills, Partner at Clearbell Capital, said: "Due to the resilience of the sector, we believe that the tenants at Orbital will trade strongly from the retail warehouse in this location in the future despite the uncertainty around rent collection for many landlords caused by the pandemic."
Partner Emma Pereira commented: "We were pleased to support the Clearbell team on this acquisition. COVID-19 has resulted in extended pressure on the retail sector but Clearbell's focus on unlocking value throughout market cycles means there is a clear opportunity in this latest investment."
Head of Real Estate Finance Danny Peel added: "This is the latest in a series of retail park financings and refinancings on which we have acted. While the past year has been exceptionally challenging for shopping centres and the high street, retail parks have continued to outperform the sector – as they are often anchored by supermarkets or other essential shops which have remained open throughout the pandemic and shoppers don't generally use public transport to get to them."
