UK real estate investment trust British Land is investing £157m (€182.8m) to buy three warehouses in North London.
British Land said it has agreed to buy the fully-let three warehouses comprising over 245,000sqft on a 12.5-acre site.
The three warehouses are let to Amazon, Euro Car Parts and the North London Waste Authority generating an annual income of £3.6m with significant reversion.
Simon Carter, CEO of British Land said: “This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing.
”Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.”
Carter said this latest acquisition follows acquisitions in Enfield to the north of London, Thurrock to the east and Finsbury Square in the city, and along with ”opportunities we have identified on our standing portfolio, brings the total gross development value of our urban logistics pipeline to over £1bn, with a blended forecast IRR from acquisition of 5% across the pipeline”.
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