Valor Real Estate Partners and QuadReal Property’s European logistics joint venture has acquired a £130m (€154m) distribution centre in London, its largest single asset purchase to date.
The joint venture – established in November 2020 to target urban logistics assets in key UK, French and German cities – has acquired a 630,000sqft Tesco-leased last-mile distribution centre at Dolphin Park in Purfleet, East London.
The transaction takes the amount deployed by the partnership across key London urban logistics submarkets to £1.1bn, Valor said.
Jeremy Achkar, SVP at Valor Real Estate Partners, said: “This transaction represents a rare opportunity to acquire a core urban logistics asset of scale in one of London’s most competitive submarkets in the M25 corridor and close to major ports. It is further evidence of our ability to identify and execute opportunities through the market cycle.”
Thomas Blangy, SVP at QuadReal Property Group, said: “Our long-term investment strategy targets high-growth urban logistics hubs and this transaction expands our allocation within a globally resilient and high-performing asset class.”
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