Meadow Partners (Meadow) and Citivale Group Holdings Ltd (Citivale) announced the joint venture (JV) has acquired Zodiac Park, a warehouse and industrial park in West Drayton in Greater London from DTZ Investors.
Constructed in 2001, Zodiac Park, a c. 11,190m2 property located on a c. 2.3ha site, is a best-in-class multi-let industrial estate. The property is well located along major motorways, M40, M25 (London’s orbital road) and M4, and easily accessible from Central London, London Heathrow Airport, and the South. Currently 94.1% occupied, Zodiac Park offers eight units ranging between c. 657m2 to c. 2,940m2 with 9.0-9.7-meter internal eaves.
“We look forward to working with Meadow to reposition Zodiac Park to capitalise on the acute shortage of high-quality light industrial space in the Western Corridor close to Heathrow,” said James Appleton-Metcalfe, CEO of Citivale. “We are delighted to bring Citivale’s deep asset management experience to drive value for this prime asset in an exciting new JV with Meadow.”
“This transaction is consistent with Meadow’s approach to investing in high-quality industrial assets in prime industrial and logistics sub-markets with strong transportation connectivity,” said J. Andrew McDaniel, Founding Partner of Meadow. “The London industrial sector is growing rapidly as vacancy in the specialised industrial and light industrial markets in London remains very limited at just 2.8% and demand continues to outstrip supply. Smaller, well-located units like Zodiac Park are well positioned to capitalize on the demand, and we are thrilled to invest alongside Citivale in a best-in-class multi-let industrial property with a diverse tenant base in a major industrial London sub-market.”
Charles Howard and Paloma Friedrich of Cushman & Wakefield advised DTZ Investors, on the sale of the property. Rob Atkins of Clay Street and Rob Cotterell of MC Property advised the JV with Mishcon De Reya providing legal advice to the JV.
Image source - Pexels.
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