Aviva Investors has completed on a £32.7 mln (€37 mln) funding agreement to speculatively develop three industrial and distribution warehouse units on the Uxbridge Industrial Estate, West London.
The commitment relates to three separate units of 119,653 sq ft, 36,017 sq ft and 11,505 sq ft. The scheme is expected to be delivered in the third quarter of 2018.
Aviva said that the acquisition is aligned with its strategy of investing in good quality real estate in core markets with high demand. This transaction adds to an existing cluster of assets in the West London logistics market following acquisitions in West Drayton and Uxbridge in 2017.
Alastair Wakefield at Aviva Investors, said: 'The combination of strong levels of occupier demand and the continued lack of good quality industrial accommodation is placing significant upward pressure on rental levels, particularly in the South-East and Greater London. Urban logistics and last-mile opportunities remain at the top of the agenda for many in the market and this acquisition supports our broader real estate focus on core locations.'
Colliers International and JLL have been appointed leasing agents for this scheme.
