Invesco Real Estate has teamed up with Logistics Capital Partners (LCP) to develop a £250m (€287.9m) UK industrial park.
Invesco Real Estate’s European strategy and LCP have acquired a 67-acre site to develop the 800,000sqft multi-let industrial and logistics park in Thamesmead, London.
Toby Simon, managing director, fund management at Invesco Real Estate, said: “We’re delighted to have secured this latest scheme for our portfolio and to be working with a high-calibre partner such as LCP with whom we have a long-standing relationship.
“Early access to this prime site provides for an attractive premium for the risk which upon stabilisation we believe is set to deliver strong, durable growth income for our investors.”
Invesco Real Estate’s flagship pan-European strategy holds a portfolio with a gross asset value of €4bn across eight countries and five sectors.
Rob Johnston, managing director, head of UK and Nordics at Invesco Real Estate, said: “This deal represents a rare opportunity to build a much-needed logistics facility catering for both Greater London and the wider south east UK market.
“Its proximity to London, in particular, is a clear differentiator and adds significant, long-term value.”
James Markby, co-founder and MD of LCP, said: “This major London site acquisition, and planned phased development is perfectly timed at this stage of the market cycle, and will deliver much needed high quality development to the largest City in Europe, in combination with exceptional long term value creation to our shareholders and Invesco Real Estate’s investors.
“It’s been a pleasure to see our involvement and alignment with Invesco continue to grow into new areas across their value-add series, and now their flagship pan-European strategy. It’s an exciting time and testament to the ability of our entrepreneurial teams.”
John Pagdin, head of UK at LCP, said: “The fact that the site is only 30 minutes from our Central London office is a clear demonstration of the Urban nature of this scheme. We are excited at the prospect of bringing something really special to this already established logistics corridor.”
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