Bloom and Angelo Gordon’s newly created UK industrial real estate investment partnership, which targets properties in London, has acquired its sixth asset.
Bloom and Angelo Gordon have invested an undisclosed amount to buy a multi-let industrial estate in Park Royal, west London, from Schroders Capital.
The freehold estate in Eldon Way comprises a terrace of 12 modern units totalling 30,428sqft.
Bloom and Angelo Gordon created the partnership last year. The latest acquisition adds the partnership’s other five London assets located in Brixton, Greenwich, Hackney, Fulham and Camberwell worth £60m (€71.7m) in total.
Tom Davies, co-founder and managing partner of Bloom, said: “Eldon Way is a fantastic addition to our portfolio, giving us important west London coverage. The opportunity to acquire a modern, core, multi-let asset in the heart of Park Royal is rare.
“The occupational market in London remains robust, with severely restricted supply and availability.”
Chris Leek, real estate fund manager at Schroders Capital, said the sale of Park Royal Industrial Estate is in line with the firm’s strategy to divest out of low-yielding assets “once we have completed the business plan to improve the asset’s income profile by driving rental growth at lease events and leasing vacant units The sale reflects a strong profit over and above the current valuation”.
“The characteristics of the occupational market in Park Royal remain strong and we have captured significant rental growth during our hold period that has resulted in sustained outperformance,” said Leek.
To read the latest edition of the latest IPE Real Assets magazine click here.
