Bloom and TPG Angelo Gordon announced that they have acquired Poplar Business Park, a prime multi-let industrial estate next to Canary Wharf in east London. The property was purchased from Workspace Group for c. €25.2m.
Poplar Business Park is a 6,891m2 industrial and business space with 29 units. The units vary in size from 61m2 to 1,035m2, and there are 19 tenants, including Colt Technology Services, NTL National Networks, and Tower Hamlet Homes. The average remaining lease term is 2.1 years to break and 4.4 years to expire.
The estate is located in London Docklands, adjacent to Canary Wharf and London City Airport, and benefits from exceptional transport links via road, rail, underground, and air. Additionally, the property is situated in the Tower Hamlets borough, which is expected to be one of the largest providers of new homes in London over the next 10 years.
The site has planning consent for 222 homes plus commercial space, but Bloom and TPG Angelo Gordon intend Poplar Business Park to remain an industrial estate. They plan to carry out a refurbishment that will improve the property's EPC rating to 'A'. The site spans c. 1ha.
Tom Davies, co-founder and managing partner of Bloom, said: “Poplar Business Park is another fantastic addition to our portfolio, giving us a prime, highly-reversionary asset in inner east London. The acquisition aligns with our strategy to provide well-designed, sustainable, and modern units in supply-constrained inner London sub-markets.”
Sam McGirr, co-founder and managing partner of Bloom, said: “Our seventh ultra-urban project in London aims to support the changing needs of businesses and consumers, who are seeking speed and convenience. We are committed to helping address the need for highly sustainable warehouse space in London, which has become increasingly important but is currently severely lacking.”
Mike Diana, Managing Director, Europe Real Estate at TPG Angelo Gordon, said: “We are very excited to add another asset to a portfolio that we believe is amongst the highest quality of its kind in Europe. We’ve seen robust tenant interest in industrial space and look forward to continuing to meet the high demand for these types of facilities moving ahead.”
Bloom and TPG Angelo Gordon were advised by Acre Capital Real Estate, and Workspace Group was advised by CBRE.
Image source - Pexels.
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