Royal London Asset Management Property has completed the acquisition of an 8-acre (3.2 ha) site from LGC Group to deliver a multi-let industrial development.
Royal London has partnered with Graftongate to acquire the site and act as development managers. With a GDV estimate of £90 mln (€108 mln), the freehold site represents a significant redevelopment opportunity to create a multi-let industrial scheme, the firms said.
Teddington in south west London has been owned and occupied by LGC Group, a global leader in life science tools, partnering with customers to find solutions that diagnose, treat, feed and protect our growing population.
As part of its strategic initiative to invest in, develop, and manage high-quality, sustainable industrial space in markets, the purchase represents another milestone in Royal London’s expanding logistics portfolio.
Matthew Barnes, senior industrial asset manager at Royal London said: 'Teddington is another important acquisition in our strategy to grow Royal London Asset Management Property’s industrial development pipeline.
'This presents a great opportunity for us to increase our exposure to London, where we are seeing continued occupational demand. We look forward to working alongside Graftongate again, to create a highly sustainable development which we intend to hold as a long-term investment.'
Paul Hanley, development director at Graftongate, said: 'This acquisition provides an exciting opportunity to deliver a multi-let scheme in a prime South West London location.
'Graftongate has considerable experience across the Greater London market, where we have gained a track record for developing high-quality, sustainable industrial and logistics accommodation. We look forward to furthering our partnership with Royal London Asset Management in bringing forward plans for the site’s redevelopment.'
