Two off-market acquisitions in Ealing and Enfield mark the latest play in Crosstree and Bloom’s strategic push to revitalise London’s supply-constrained industrial market.
Real estate investment firm Crosstree Real Estate Partners and urban logistics developer Bloom have acquired two multi-let industrial estates in Ealing and Enfield for €24.6m, further advancing their €241m (£200m) joint venture focused on last-mile logistics in Greater London. The estates, Hanwell Works and 2-7 Centenary Road, were purchased off-market with vacant possession and will be repositioned into Grade A assets with improved ESG credentials.
Hanwell Works, a 5,177m² gated freehold estate in Ealing, was acquired for €13.2m and previously occupied by Access Self Storage. It will be reconfigured into four high-specification units ranging from 418m² to 1,672m². The second site, Centenary Road in Enfield, spans 3,106m² and was secured for €11.4m. It will also be redeveloped into four modern units, targeting operational flexibility for SMEs.
“These acquisitions are a strong fit for our joint venture with Crosstree, as they are well-configured assets that we have purchased below replacement cost with clear potential to be upgraded and modernised,” said Tom Davies, co-founder and managing partner at Bloom. “We remain disciplined with our asset selection with our data demonstrating that Hanwell and Enfield are both undersupplied sub-markets for our proposed unit sizes.”
The JV made its first acquisition last September with the €34.2m purchase of Fairview Business Centre in Hayes from A2 Dominion Group. The strategy centres on unlocking value in underinvested industrial assets within tightly constrained urban zones where tenant demand far outpaces supply. Both estates acquired are prime candidates for ESG-led repositioning, with future developments targeting BREEAM ‘Excellent’ and EPC ‘A+’ ratings.
“Both Hanwell Works and Centenary Road benefit from strong underlying asset fundamentals and excellent last-mile industrial locations with the opportunity to create institutional-quality assets through targeted refurbishment programmes,” said Liam Singh, managing director at Crosstree. “They represent exactly the type of assets our joint venture with Bloom is seeking.”
For developers and investors, a noteworthy angle is the potential for future rental growth in London’s urban logistics sector, driven by intensifying e-commerce demands and constrained land supply. With rising build costs and tighter planning restrictions, acquiring and upgrading existing estates below replacement cost positions this JV for above-market returns.
People mentioned
Tom Davies, Co-founder and Managing Partner, Bloom
Liam Singh, Managing Director, Crosstree Real Estate Partners
Companies mentioned
Bloom – Urban warehouse investor and developer
Crosstree Real Estate Partners – UK-focused real estate investment firm
Access Self Storage – Former tenant at Hanwell Works
A2 Dominion Group – Seller of Fairview Business Centre
Bond Land, JLL, Vokins, SBY Real Estate – Advisors on acquisitions
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