UK REIT British Land has agreed to acquire three warehouses at Hannah Close, in Wembley, North London, for £157 mln (€188 mln).
In a statement, British Land said that this development-led opportunity aligns to ‘its strategy of delivering new urban logistics space through the intensification and repurposing of existing buildings’.
The three warehouses comprise over 245,000 sq ft (22,760 m2) on a 12.5 acre site and are fully let to Amazon, Euro Car Parts and the North London Waste Authority generating an annual income of £3.6 mln. Completion of the assets is expected for mid February.
Simon Carter, CEO British Land said: ‘This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing.’
The deal brings the total gross development value of British Land urban logistics pipeline to over £1 bn, with a blended forecast IRR from acquisition of 15% across the pipeline, he added.
