A YORK property investment and asset management company has completed a partnership deal with a US property investor to manage and develop a multi-million pound portfolio.

Investcorp, which is seeking to expand its real estate activities beyond the US, has just acquired seven industrial properties across the UK, including two in Yorkshire, for £40 million from LC Industrial.

The properties are in Batley, South Elmsall, Liverpool, Warrington, High Wycombe, Glasgow and Edinburgh, and have all been managed by York-based Citivale under the LC Industrial partnership with LRE Capital.

James Appleton-Metcalfe, the managing director of Citivale, which has offices in Newgate, said: “These are very exciting times for Citivale. For us, the Investcorp deal represents a successful exit from our partnership with LRE Capital ahead of schedule in our business plan.

“We have been delighted with the progress we have made with all seven properties, maximising their potential and attracting new occupiers.

“We will now be building on this success with Investcorp, making the most of a burgeoning logistics and distribution sector in the UK.”

Investcorp said this deal was the first step in its European strategy, which was launched last year, to build on its activities in the US, where it is one of the biggest international real estate investors.

Mr Appleton-Metcalfe explained that despite the deal, the Humber Enterprise Park at Brough, which was part of the original LC Industrial portfolio, remains under the ownership of the Citivale and LRE Capital partnership.

The Enterprise Park incorporates 1.3 million sq ft of office and industrial space and 20 acres of development land. So far £6million has been spent on regenerating the whole site, with another £1.2 million earmarked for further improvements. It is estimated that 1,600 new and sustainable jobs will be created when the park is fully developed during the next three years.

He said: “The scale of the development and the investment at Humber Enterprise Park meant that it did not fit naturally into the portfolio sale.

“We will continue to proactively manage the park, attracting new tenants, refurbishing old buildings and developing unused land. So far it has been a tremendous success story and we will ensure that continues.

“Apart from our partnership with Investcorp, we have a strong pipeline of deals ahead of us.

“We are currently working with successful developers and investors such as Peveril Securities, TH Real Estate and the Sabal Financial Group on projects across the UK.”