The privately owned real estate investor and developer, Firethorn Trust, is to sell its UK logistics assets for £550 million to Cain International, a privately held investment firm operating in the United States and Europe.

The Grade A logistics portfolio comprises seven UK sites, totalling 3.25 million sq ft across 22 assets, including two newly built developments, and five consented land sites that are on course for completion in 2022 and H1 2023.

The acquisition represents Cain’s entry into the UK logistics market. As part of the transaction, Firethorn Trust will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain International.

Peter Mather & Chris Webb, Founding Partners of Firethorn Trust said:

“We are delighted to have signed a sale and forward funding agreement with Cain International, a highly regarded global investor, who shares our values and is ready to leverage the development opportunities we have created. We look forward to working with Cain International to grow the UK logistics platform to in excess of £1bn of value over the next 12-18 months.”

Daniel Harris, Senior Managing Director and Head of European Investment for Cain International said:

 “This acquisition was a unique off-market opportunity for us to enter the UK logistics market through a portfolio of considerable scale and quality, as well as with a respected long-term partner.”