Meadow Partners and Citivale Group Holdings have acquired Zodiac Park in West Drayton, Greater London, from DTZ Investors for an undisclosed price.
The 120,442 sq ft warehouse and industrial park, which was constructed in 2001, comprises eight units ranging from 7,070 sq ft to 31,641 sq ft and is currently 94.1% occupied.
James Appleton-Metcalfe, CEO of Citivale, said: “We look forward to working with Meadow to reposition Zodiac Park to capitalise on the acute shortage of high-quality light industrial space in the Western Corridor close to Heathrow. We are delighted to bring Citivale’s deep asset management experience to this drive value for this prime asset in an exciting new JV with Meadow.”
J. Andrew McDaniel, founding partner of Meadow, added: “This transaction is consistent with Meadow’s approach to investing in high quality industrial assets in prime industrial and logistics sub-markets with strong transportation connectivity.
“The London industrial sector is growing rapidly as vacancy in the specialised industrial and light industrial markets in London remains very limited at just 2.8% and demand continues to outstrip supply. Smaller, well-located units like Zodiac Park are well positioned to capitalize on the demand, and we are thrilled to invest alongside Citivale in a best-in class multi-let industrial property with a diverse tenant base in a major industrial London sub-market.”
Cushman & Wakefield advised DTZ Investors on the sale and MC Property advised Meadow and Citivale. Mishcon De Reya provided legal advice to the JV.
