Developers Chancerygate, and Hines have agreed to sell their jointly owned 608,000 sq ft, five-asset portfolio to real estate private equity firm Northwood Investors for an undisclosed sum.

The portfolio comprises of Festival Trade Park in Cheltenham as well as further developments in Birmingham, Bournemouth, Tonbridge and Warrington.

Chancerygate and Hines acquired the 4.91-acre Cheltenham site on the corner of Wymans Lane and Runnings Road from clothing brand Superdry. Prior to Superdry occupying the site in 2015 it was home to food packaging company Vibixa - the maker of Weetabix boxes.

The 14 units at Festival Trade Park range in size from 3,487 to 34,981 square feet with nine being trade counter and the remainder industrial or warehouse units.

All sites will be developed through to practical completion, at which point they will be sold to Northwood Investors.

Chancerygate's managing director, Richard Bains, said: "We are very pleased to have built upon our already strong relationship with Northwood Investors by agreeing the forward sale of these five sites.

"Our JV with Hines continues to be extremely successful for both parties, and this deal is evidence of the success of our strategy of investing into well located last mile logistics development opportunities.

"In line with our ambitious growth plans, we will be re-investing the funds raised as we continue to identify and acquire strategically-located sites across the UK. This approach will ensure we remain best placed to deliver the next generation of multi-unit industrial developments across the UK."

Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.

Hines' managing director, Industrial and Logistics, Greg Cooper, added: "The geographical spread of the developments in this portfolio illustrates the JV's forensic analytical approach to pinpointing locations across the UK which are ripe for the supply of modern, fit-for-purpose last-mile logistics facilities."

Chancerygate and Hines were advised on the portfolio sale by DTRE and BCLP while Gerald Eve, Shoosmiths and Dickson Minto acted for Northwood Investors.