Bloom and TPG Angelo Gordon have acquired Poplar Business Park, which is located next to Canary Wharf in East London, from Workspace Group for £21.5m.
The multi-let estate comprises 75,345 sq ft of industrial and business space across 29 units, ranging in size from 652 sq ft to 11,148 sq ft. The units are let to 19 tenants and the weighted average unexpired lease term is 2.1 years to breaks and 4.4 years to expiries.
The 2.4-acre site has planning consent for 222 homes in addition to commercial space, but Bloom and TPG Angelo Gordon intend to maintain Poplar Business Park as an industrial estate and will undertake a refurbishment programme that will improve the EPC rating of the units to A.
Tom Davies, co-founder and managing partner of Bloom, said: “Poplar Business Park is another fantastic addition to our portfolio, giving us a prime, highly-reversionary asset in inner east London. The acquisition aligns with our strategy to provide well-designed, sustainable, and modern units in supply-constrained inner London sub-markets”.
Sam McGirr, co-founder and managing partner of Bloom, added: “Our seventh ultra-urban project in London aims to support the changing needs of businesses and consumers, who are seeking speed and convenience. We are committed to helping address the need for highly sustainable warehouse space in London, which has become increasingly important but is currently severely lacking”.
Mike Diana, managing director, Europe real estate at TPG Angelo Gordon, said: “We are very excited to add another asset to a portfolio that we believe is amongst the highest quality of its kind in Europe. We’ve seen robust tenant interest in industrial space and look forward to continuing to meet the high demand for these types of facilities moving ahead”.
Bloom and TPG Angelo Gordon were advised by Acre Capital Real Estate. Workspace Group was advised by CBRE.
