SEGRO has expanded its Greater London portfolio by €113.2m (£100m) with off-market acquisitions in Dagenham and Croydon, as well as its July purchase of eight acres of land in Tottenham.
The company completed the purchase of a 64,000ft² warehouse unit in Dagenham, via a sale and leaseback with Kuehne + Nagel. The leading global logistics company has signed a 10-year lease on the unit, which is located on Orion Park which adjoins the A13.
In Croydon, SEGRO completed the acquisition of two units on Greenland Way, comprising a total of 176,556ft². The facilities, utilised as a data centre and last-mile parcel delivery unit, are SEGRO’s first acquisitions in Croydon providing a platform for potential future growth in the South London market.
These latest transactions follow SEGRO’s commitment to develop a new 185,000ft² urban logistics hub in Tottenham, North London, following the off-market acquisition of eight acres of land at White Hart Lane.
Alan Holland, Business Unit Director for Greater London, SEGRO, said: “Population growth, land scarcity and the digitalisation of our society present major challenges for London. But with challenges come opportunities and industrial and warehousing space is an important part of the solution. High quality, well-connected acquisitions such as these, therefore, represent valuable additions to our Greater London portfolio for us and our customers. "
Simon Pursey, Head of UK Investment, SEGRO, added: “With available sites at a premium, we remain alive to opportunities to acquire assets that complement our existing holdings, particularly in our core London and South East markets where rental growth prospects remain strong and there continues to be high demand for urban logistics and data centres.”