Argo Real Estate has acquired The Merlin Centre at Cressex Business Park in High Wycombe, as part of its brown-to-green UK urban logistics strategy with Blue Coast Capital
The UK-based real estate operator and investment manager acquired the asset for around £50m (€58m) from a fund managed by Aberdeen Investments.
The multi-let industrial estate comprises 12 units ranging from approximately 8,300sqft to 40,200sqft, with with a total gross internal area of 213,004sqft. The estate has a mix of light industrial, mid‑box and trade counter accommodation and is fully let to 11 occupiers.
Argo said the acquisition represents “another exciting opportunity” for Argo and Blue Coast Capital to secure “a highly reversionary”, urban industrial asset in the South East of England. The Merlin Centre offers “significant asset management” potential in line with Argo’s brown-to-green strategy, the manager added.
This acquisition is the latest for Argo’s joint venture with Blue Coast Capital, which made its debut in March 2025 with the purchase of the Tuscam Trading Estate in Camberley, Surrey, for around £40m. Argo also acquired the Harp Trading Estate in Trafford Park, Manchester, Beckton Trade Park in East London, and two estates in Oxford and Chelmsford in January 2026. The platform created by Argo and Blue Coast Capital is aggregating a portfolio of high quality urban logistics assets and repositioning them into best-in-class sustainable properties, the partners added.
James Brown, investment manager at Argo Real Estate, said: “The Merlin Centre is a high‑quality urban industrial estate with strong fundamentals, excellent connectivity, and a well‑established occupier base. It offers a clear opportunity to drive income growth and long‑term value through active asset management and targeted capital investment.”
Crispin Gandy, CEO of Argo Real Estate, said: “This acquisition further strengthens our growing urban logistics platform with Blue Coast Capital. The Merlin Centre exemplifies the type of assets we are targeting – dominant multi‑let estates in excellent locations where our hands-on brown‑to‑green strategy can transform accommodation to meet modern occupier requirements and deliver secure long-term risk-adjusted returns.”
Peter Tomley, deputy fund manager at Aberdeen Investments, said: “Completion of the asset‑level business plan created a clear opportunity to divest and capture the value generated. This transaction marks a successful conclusion to our strategy for the asset and reflects continued demand for urban logistics real estate investments.”
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