Prologis UK has purchased a mixed-use logistics, industrial and retail park in Park Royal from a fund managed by DTZ Investors for an undisclosed price.
Prologis Park Western Avenue currently has c. 26,778m2 of space on a 6.53-ha plot of land has the potential for future redevelopment to expand and increase its density.
The property is currently rented to 21 tenants, and there are currently two units available, one measuring 358m2 and the other 746m2.
Paul Weston, regional head of Prologis UK, said: “This acquisition is a significant milestone for Prologis. It reinforces our strategic investment commitments to the UK industrial and logistics market here in London, supporting the growth of our national economy. Park Royal is the most successful logistics location in the capital. Through confident and swift work with everyone involved, we’ve secured a new park which will complement our existing portfolio, ensuring that we stay at the forefront of the UK’s logistics sector.”
Kevin O’Connor, senior director at DTZ Investors, said: “The asset was sold to fulfil the long-term strategy of the fund managed by DTZ Investors. This transaction reflects the continuing strength of demand for prime inner London Industrial estates required to serve the capital. The fund acquired the West Five retail park in 2016, adding it to the existing Western Avenue Business Park holding and enhancing the overall attractiveness of the asset to potential investors.”
Prologis was represented by DTRE and DTZ Investors was represented by ACRE Capital Real Estate.
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