Valor Real Estate Partners, acting on behalf of its clients, has acquired two logistics sites in the UK.
The first acquisition comprises two fully-let, prime logistics units in Crawley, Sussex. Totalling 70,000 ft², the first unit is let to DPD and the other is let to Fray & Sons, both on long-term leases. The site, which is situated close to Gatwick Airport, with good access to South London and the affluent South East commuter belt, presents a fantastic opportunity to acquire two high-quality assets with excellent specifications in a prime industrial location.
The second acquisition comprises two logistics units totalling 55,000 ft² in Ashford, South West London. Both units are currently let to Geodis until 2020, with a break option in 2019. The site is ideally situated close to the M25, M3 and M4 motorways, providing direct access to the affluent South West London demographic and nearby Heathrow. Once the units become vacant, Valor will undertake work to reposition the asset to create a modern, Class A logistics facility.
Christian Jamison, Managing Partner of Valor commented: "I am pleased to announce two further acquisitions on behalf of VIP1. Both underline VIP1's strategy of investing in high-quality assets with strong fundamentals, in preeminent logistics locations with excellent access to key urban centres and transport hubs. Furthermore, both assets are currently let below current estimated market rental values, representing an opportunity to capture significant reversion. They are also likely to continue to benefit from rising rental rates, as a result of constrained supply and rising demand in these locations and the surrounding areas.These acquisitions are further examples of the exciting opportunities we are seeing in the UK market, and we continue to be able to react quickly to realise these."
On the Crawley acquisition, Gerry Young at Montagu Evans represented Valor and David Embury at DTRE represented the seller, Aberdeen Standard Investments. On the Ashford acquisition, Tom Scott at Savills represented Valor and David Hawksley at Joiner Cummings represented the seller, Aviva.