Valor Real Estate Partners (Valor) has acquired, on behalf of its joint venture with QuadReal Property Group (QuadReal) two prime last-mile logistics sites in Barking and Enfield, London, with a total GDV of €71.4m. Both properties were acquired off-market.
In Enfield, North London, the joint venture has acquired, Trafalgar Trading Estate, Enfield’s pre-eminent multi-let industrial park. The c. 7,380m2 property benefits from strong specifications and totals 11 units across three terraced buildings. It is 92% occupied by a range of trade counter and last-mile businesses, with an average lease term of two years. Located at the base of the M1 motorway and A10 trunk road, it provides access to approximately 6.4 million people within a 60-minute drive.
In Barking, East London, the joint venture has acquired a currently vacant 3.49-acre site, where it intends to develop a best-in-class build-to-suit last-mile distribution hub. Occupiers will benefit from excellent connectivity via the nearby A13 and North Circular, as well as Barking’s position as one of London’s major industrial centres, where ongoing residential-led regeneration projects, including Barking Riverside, are set to continue eroding supply.
Jeremy Achkar, Senior Vice President at Valor, said: “The off-market purchase of the Trafalgar Trading Estate represents our first acquisition in Enfield. It is one of London’s key industrial submarkets, and we look forward to growing our presence there in the coming years.”
Timour Wielemans, Vice President at Valor, commented: “We are thrilled to have secured this prime 3.5-acre site, which extends our London development pipeline past 700,000 sq ft (c. 6.5ha) and where the intention is to deliver our first build-to-suit scheme. Leveraging our new in-house development team, we are well-positioned to take on increasingly complex projects and deliver bespoke products that align with the needs of our occupiers.”
Thomas Blangy, Senior Vice President at QuadReal Property Group, said: “These acquisitions align with our strategy of capitalising on high-growth urban logistics markets where supply constraints and strong demand present opportunities for long-term value creation. London’s last-mile logistics sector continues to offer solid fundamentals, and through our partnership with Valor, we are well-positioned to generate sustainable returns by delivering strategically located assets that meet occupier needs in these key submarkets.”
The joint venture was advised Altus and SBY on the Barking acquisition.
Image provided by FTI Consulting.
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