Crosstree Real Estate Partners and Bloom have acquired two multi-let industrial estates in London for their £200m last-mile, industrial and logistics joint venture.
Hanwell Works in Ealing and 2-7 Centenary Road in Enfield, were acquired off-market with vacant possession for £20.75m.
The 42,552 sq ft Hanwell Works estate, which was purchased for £11.15m from a private investor, was recently vacated by Access Self Storage and will now be repositioned into four modern units ranging from 4,500 sq ft to 18,000 sq ft.
The 2.1-acre Centenary Road site, which is currently occupied by a 33,436 sq ft terraced warehouse, was acquired from a publicly listed property company for £9.6m and will now be split into four modern units ranging from 5,600 sq ft to 11,100 sq ft.
Tom Davies, co-founder and managing partner of Bloom, said: “These acquisitions are a strong fit for our joint venture with Crosstree, as they are well-configured assets that we have purchased below replacement cost with clear potential to be upgraded and modernised. We remain disciplined with our asset selection with our data demonstrating that Hanwell and Enfield are both under-supplied sub-markets for our proposed unit sizes.”
Liam Singh, managing director of Crosstree, added: “Both Hanwell Works and Centenary Road benefit from strong underlying asset fundamentals and excellent last-mile industrial locations with the opportunity to create institutional-quality assets through targeted refurbishment programmes. They represent exactly the type of assets our joint venture with Bloom is seeking.”
Bloom and Crosstree were advised by Bond Land at Hanwell Works and JLL at 2-7 Centenary Road. The vendor of Hanwell Works was advised by JLL and Vokins. The vendor of Centenary Road was advised by SBY Real Estate
Neil Dryer, partner at Russell-Cooke, which provided legal advice to Bloom and Crosstree on the Hanwell Works acquisition, said: “This acquisition marks a further step in the growth of a valued client with a clear vision for expanding their industrial property portfolio in London. By combining our expertise in real estate and planning, we helped the Bloom-Crosstree JV secure this strategically located site. We look forward to continuing our work with Bloom on their evolving joint venture projects as they drive forward their growth strategy.”
