Japanese real estate developer Mitsubishi Estate has made its first venture into the UK logistics sector by partnering with Evo Lake to acquire a site for a 90,000sqft development project.
Newly created UK industrial and logistics real estate platform Evo Lake said it has teamed up with Mitsubishi Estate London to acquire the 3.2-acre site in Bromley for the logistics project as part of a partnership that will also target additional sites.
Financial details were undisclosed.
Adam Courtenay, co-founder and head of development at Evo Lake, said: “This debut acquisition in Bromley underscores our firm’s ability to source high-quality employment land in core, supply-constrained urban locations.
“We’re honoured to partner with Mitsubishi Estate, a world-class investor with an exceptional global reputation.”
Shinichi Kagitomi, CEO of Mitsubishi Estate London, said: “As a seasoned investor in London offices and residential, a move into critical infrastructure such as urban logistics is a natural progression.
“The fundamentals of logistics within Greater London remain attractive and we are excited to be working alongside an experienced partner to deliver a best-in-class development and look forward to adding to our pipeline in due course.”
To read the latest IPE Real Assets magazine click here.
