A fund managed by Blackrock has acquired an urban logistics development in Dagenham from a joint venture between developer Chancerygate, a fund managed by Credit Suisse Asset Management and global real estate firm Hines.
Financial details were not disclosed.
The 172,000 ft2 (16,000 m2) scheme, approved by Dagenham Council, comprises 15 Grade A urban logistics and industrial units at the Zephyr Park development.
The units range from 5,490 ft2 to 34,670 ft2 and are available leasehold and freehold. Construction is due to commence in August this year.
The site was previously owned by wholesale electrical distributor Rexel UK. Situated on Rainham Road between the A12 and A13, Zephyr Park is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300 mln (€350 mln) film and TV studios.
Chancerygate managing director, Richard Bains, said: 'Zephyr Park will be an outstanding urban logistics development which will generate continued investment and job creation for Dagenham.
'Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also testament to the high specification, sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow.
'We look forward to working with Hines and BlackRock to deliver Zephyr Park and expect to achieve practical completion in summer 2023.'
Greg Cooper, Hines managing director, industrial and logistics, added: 'We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high quality logistics developments.
'It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.'
Agents for the development are Colliers International, CBRE and Glenny.
