Melburg Capital has purchased the landmark Warehouse K building, a 110,000ft² mixed-use opportunity in East London. This marks a significant milestone of €443.6m (£400m) of transactions within 24 months for the highly discreet investment management specialists. The site, adjacent to London’s ExCel centre and Custom House Elizabeth Line and DLR station, was purchased off-market from a UK institutional investor and is yet another strategic involvement for Melburg, adding to the continued portfolio growth of the cross-sector investment specialist. The mixed-use building, which is principally let to national occupiers across office, leisure and warehouse space, also benefits from several existing residential units. The partnership will lease up the vacant offices and diversify the tenant profile enabling significant rental growth. The purchase price was not disclosed.
A spokesperson for Melburg commented: “Warehouse K sits a few metres from Custom House station, a key Crossrail location, adjacent to London’s ExCel centre, the largest events venue in Europe and within 500 metres of approximately €11bn (£10bn) of regeneration including The Royal Albert Docks, Silvertown, Royal Docks West and the expansion of London’s City Airport. The transactional value created on day one enables us to offer better connected, better serviced, higher quality office and leisure space at a substantial market discount, which is a compelling offer to forward-thinking occupiers. We continue to target all asset classes, including land, within key locations benefitting from significant infrastructure change.”