Invesco Real Estate has entered into a joint venture with Logistics Capital Partners (LCP) to build a circa 800,000 sq ft multi-let industrial and logistics park in Thamesmead, London, with a GDV of more than £250m.
The 67-acre site is situated in the eastern corridor of Greater London and offers direct links into Central London, ports on the River Thames and Junction 1 of the M25.
The new JV will work in partnership with the site’s previous owner, Peabody Trust, and The London Borough of Bexley to deliver up to 1,500 jobs at the site.
Toby Simon, managing director – fund management at Invesco Real Estate, said: “We’re delighted to have secured this latest scheme for our portfolio and to be working with a high-calibre partner such as LCP with whom we have a long-standing relationship. Early access to this prime site provides for an attractive premium for the risk which upon stabilisation we believe is set to deliver strong, durable growth income for our investors.”
James Markby, co-founder and managing partner of LCP, added: “This major London site acquisition and planned phased development is perfectly timed at this stage of the market cycle and will deliver much needed high quality development to the largest City in Europe, in combination with exceptional long term value creation to our shareholders and Invesco Real Estate’s investors. It’s been a pleasure to see our involvement and alignment with Invesco continue to grow into new areas across their value-add series and now their flagship pan-European strategy. It’s an exciting time and testament to the ability of our entrepreneurial teams”
John Pagdin, head of UK at LCP, said: “The fact that the site is only 30 minutes from our Central London office is a clear demonstration of the Urban nature of this scheme. We are excited at the prospect of bringing something really special to this already established logistics corridor.”
Rob Johnston, managing director – head of UK and Nordics at Invesco Real Estate, added: “This deal represents a rare opportunity to build a much-needed logistics facility catering for both Greater London and the wider south east UK market. Its proximity to London, in particular, is a clear differentiator and adds significant, long-term value.”
