Aviva acquires £50m London logistics development

Aviva Investors has bought a south-east London multi-let trade and industrial development.

The manager said it acquired the 5.9-acre Orpington Gateway site for a gross development value of £50m (€56.9m) from an undisclosed vendor.

The development features 150,000sqft of 14 multi-let trade and industrial development units of between 4,176sqft and 33,565sqft. The development is 25% pre-let with construction scheduled to complete in June.

Richard Moore, an asset manager at Aviva Investors, said: “Located in a significant commercial area for trade, retail and distribution, this is a prime trade and logistics asset in an affluent inner-M25 location, offering our investors strong potential returns.

“With frontage directly onto one of the major thoroughfares, the development is an attractive asset in a core location and sits well with our real estate strategy for large, high-quality assets in robust economic locations.”

 

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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