Valor Real Estate Partners has acquired a last-mile distribution centre at Dolphin Park in Purfleet, East London, for circa £130m on behalf of its joint venture with QuadReal Property Group.
The acquisition of the 630,000 sq ft distribution centre, which is let to Tesco on a lease with nine years remaining to expiry, represents the JV’s largest single asset purchase to date.
The distribution centre is located in the M25 corridor, close to the Dartford Crossing and the Tilbury and London Gateway ports.
Jeremy Achkar, senior vice president at Valor, said: “This transaction represents a rare opportunity to acquire a core urban logistics asset of scale in one of London’s most competitive submarkets in the M25 corridor and close to major ports. It is further evidence of our ability to identify and execute opportunities through the market cycle.”
Thomas Blangy, senior vice president at QuadReal Property Group, added: “Our long-term investment strategy targets high growth urban logistics hubs and this transaction expands our allocation within a globally resilient and high performing asset class.”
