Valor Real Estate Partners and QuadReal Property’s newly formed European urban logistics investment venture has acquired a six-unit asset in London as its first asset.
Valor said it has acquired the 144,000sqft New England Industrial Estate in Barking, in a deal IPE Real Assets understands is worth £42m (€46m).
Earlier this month, Valor and the real estate arm of British Columbia Investment Management Corporation joined forces to invest in urban logistics assets located in UK, French and German cities.
QuadReal will be the majority investor in the partnership, which will have initial capital commitments of €440m. With leverage, the value-add and develop to hold investment platform is expected to have more than €1bn of investable capital, the companies said at the time.
European logistics and industrial property manager Valor will be responsible for sourcing and managing the portfolio.
Valor said it intends to reposition the New England Industrial Estate as part of its business plan, “delivering assets that will cater to last-mile logistics operators, given the accessibility and connectivity of the location”.
Cane Napolitano, partner, head of investments, at Valor Real Estate, said: “This is a great opportunity to acquire a prime East London industrial property at scale and demonstrates our capital deployment capability and speed of execution for assets that fit our investment strategy. It also represents a strong start to our new JV with QuadReal.”
Jeremy Achkar, who is responsible for sourcing and executing UK transactions at Valor Real Estate, said: “The acquisition furthers our commitment to continued investment in London, and adds to our growing presence in the Eastern corridor of the Capital.”
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