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.”