A joint venture (JV) between Chancerygatea fund managed by Credit Suisse Asset Management, and Hines has forward sold a 172,000ft² urban logistics development in Dagenham to a fund managed by BlackRock for an undisclosed sum. Dagenham Council has approved plans to speculatively build 15 Grade A urban logistics and industrial units at the development which is called Zephyr Park. The units range from 5,490ft² to 34,670ft² and are available leasehold and freehold. Construction is due to commence in August this year. The six-acre site was previously owned by wholesale electrical distributor Rexel UK.
Chancerygate managing director, Richard Bains, said: “Zephyr Park will be an outstanding urban logistics development which will generate continued investment and job creation for Dagenham. Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also a testament to the high specification, a sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow. We look forward to working with Hines and BlackRock to deliver Zephyr Park and expect to achieve practical completion in summer 2023.”
Greg Cooper, Hines managing director, industrial and logistics, added: “We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high-quality logistics developments. It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.”