Valor Real Estate Partners and joint venture partner QuadReal Property Group have completed the acquisition of two prime, last-mile logistics sites in London, with a total GDV of £60m.
In Barking, the joint venture has acquired a vacant 3.49-acre site (pictured), where it intends to develop a best-in-class, build-to-suit, last-mile distribution hub.
In Enfield, the JV has acquired the 79,435 sq ft, multi-let Trafalgar Trading Estate, which comprises 11 units and is 92% occupied, from Delancey for £27.45m.
Jeremy Achkar, senior vice president at Valor, said: “The off-market purchase of the Trafalgar Trading Estate represents our first acquisition in Enfield. It is one of London’s key industrial submarkets, and we look forward to growing our presence there in the coming years.”
Timour Wielemans, vice president at Valor, added: “We are thrilled to have secured this prime 3.5-acre site, which extends our London development pipeline past 700,000 sq ft and where the intention is to deliver our first build-to-suit scheme. Leveraging our new in-house development team, we are well-positioned to take on increasingly complex projects and deliver bespoke products that align with the needs of our occupiers.”
Thomas Blangy, senior vice president at QuadReal Property Group, said: “These acquisitions align with our strategy of capitalising on high-growth urban logistics markets where supply constraints and strong demand present opportunities for long-term value creation. London’s last-mile logistics sector continues to offer solid fundamentals, and through our partnership with Valor, we are well-positioned to generate sustainable returns by delivering strategically located assets that meet occupier needs in these key submarkets.”
The joint venture was advised by Altus and SBY on the Barking acquisition.
