Valor Real Estate Partners is buying a £146m (€169m) industrial estate from UK real estate manager Lothbury Investment Management.

The European last-mile real estate firm said it has agreed to acquire the Tera 40 industrial estate on Auriol Drive in Greenford in the London Borough of Ealing. The estate, on a 19-acre site, comprises four fully-let distribution assets totalling 340,650sqft.

Jeremy Achkar, head of UK investment at Valor, said: “This prime last-mile estate represents a rare opportunity to acquire modern distribution space at scale in one of West London’s most competitive sub-markets.

“We view the real estate as impossible to replicate and replace, and its functionality and location is entirely consistent with our deployment strategy across London.”

Ed Hockley, executive director at Lothbury Investment Management, said: “This asset has been in the fund since inception and Lothbury developed the majority of the estate ourselves, demonstrating the strength of our in-house development capability and the conviction of our core/active approach to investing.

“The asset is now too large for the fund and is being sold to mitigate asset concentration risk.”

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