Valor Real Estate Partners and AIG Global Real Estate have bought close to 500,000 sq ft of logistics property in a portfolio of nine assets in and around Greater Manchester and one in Beckton, East London.

The Valor Industrial Partners 2 partnership acquired the portfolio from a joint venture between Property Alliance Group and Ares at a price understood to be around £30m.

It comprises 450,000 sq ft of assets in Greater Manchester and the surrounding area – including Trafford Park and Warrington – and 40,000 sq ft in Beckton.

Valor also announced the completion of a £21m refinancing of three assets in Beckton, Crawley and Ashford by extending its Deutsche Pfandbriefbank debt facility, established in October 2017.

Christian Jamison, managing partner of Valor, said: “I am delighted to announce further acquisitions in the UK. Both are great examples of the attractive deals we are seeing in the market.

“In addition, the successful refinancing of three of our assets provides us with further flexibility to capitalise on the exciting pipeline of deals we are seeing in both the UK and the European logistics markets and to continue expanding our portfolio.”