PineBridge Benson Elliot, the UK-based pan-European specialist real estate fund manager, has agreed forward sales to an institutional buyer for two assets in the firm’s UK urban logistics programme.
Financial details were not disclosed.
The assets, which are located in Erith and Heathrow, were originally acquired off-market in early 2021 and construction is underway at each site for industrial units comprising a total of 100,000 ft2 (9,290 m2).
James Jakeman, senior partner at PineBridge Benson Elliot said: 'We are extremely pleased to have agreed forward sale agreements on our UK Urban Logistics sites in Heathrow and Erith, both of which are ideally situated to respond to the robust occupational demand we continue to see for industrial stock across Greater London and the UK more broadly.'
The UK urban logistics programme is a multi-let urban logistics aggregation strategy which is being undertaken in partnership with industrial development manager Evo Industrial.
The portfolio comprises 600,000 ft2 of Grade A industrial space across sites in Heathrow, Erith, Corby, Warrington and Leyton.
The Heathrow site is in Poyle, an area popular with air cargo companies and urban logistics users due to its proximity to the London Heathrow airport cargo terminal and quick access to the motorway network for onward travel.
The Erith site, located within the London Borough of Bexley, benefits from a prominent position within the Belverdere & Erith Industrial Zone, with easy access to the motorway network and Central London.
As with all the firm's UK urban logistics schemes, both sites will be developed to achieve BREEAM Excellent and Net Zero Carbon in operation.
