A BlackRock fund has invested an undisclosed amount to buy a 172,000sqft logistics development in the UK from a joint venture between Chancerygate, a Credit Suisse Asset Management fund and Hines.
The joint venture has forward sold the Zephyr Park project in East London to the unnamed BlackRock fund.
Construction on the six-acre site is due to commence next month and is expected to achieve practical completion in summer 2023.
Richard Bains, the managing director of logistics developer Chancerygate, said: “Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also a testament to the high specification, sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow.”
Greg Cooper, Hines managing director, industrial and logistics, said: “We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high-quality logistics developments.
“It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.”
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