11 Feb 2026 | 08:10 | London | by Guy Montague-Jones, Chris Borland
Portfolio will significantly expand its Space Industrial platform.
Marchmont Investment Management and Invesco Real Estate have acquired a circa £100m+ portfolio for their multi-let Space Industrial platform, Green Street News can reveal.
Indurent, a Blackstone portfolio company, has sold the portfolio – codenamed Project Marlin – to Marchmont and Invesco.
When the sale was launched for £130m through adviser Newmark in August, it was around 1.1m sq ft in size, but Marchmont has acquired the majority of Marlin mixed with a collection of other assets that did not form part of the original sales process.
The new composition of assets consists of 11 multi-let estates that includes 200+ units in the South East, West Midlands and North of England.
There is significant reversionary potential for Marchmont to unearth through active asset management of the circa 200 tenants in the platform. Project Marlin has a relatively short 2.5-year WAULTC, providing apple opportunity to rush on rents on a rolling basis.
Indurent, through its former component businesses, began acquiring the Marlin assets from 2017 and has undertaken active asset management initiatives, including leasing and targeted capex works. The divestment reflects the company’s policy to start rotating its portfolio through selective sales.
DTRE advised Marchmont.
Space Industrial blasts off
In February of last year, Invesco Real Estate and Marchmont Investment Management created their joint venture to build a £500m multi-let industrial portfolio in the UK.
Equity for the joint venture from Invesco has been provided from the Invesco Real Estate Europe Fund III – SCSp (Europe III), the third closed-end fund in a series dedicated to pan-European higher returning investments.
Saxon Park in Milton Keynes is one of the assets that seeded Space Industrial
The Space Industrial portfolio was seeded with four assets in Milton Keynes, Sheffield, Manchester and Pershore – although the addition of the Project Marlin assets significantly enhances its assets under management which is now around the £250m mark.
Space Industrial plans to target under-rented multi-let industrial estates in last-mile locations close to key urban centres. The platform will look to drive income returns through “proactive asset management and focus on brown-to-green ESG initiatives to meet the highest possible sustainability criteria”.