Royal London Asset Management Property has finalised a round of transactions in the industrial and logistics sector worth more than £350 mln, including a circa £315 mln (€370 mln) industrial estate-to-data centre site sale in west London.
In the biggest deal, the company has sold 33.6 acres of industrial and logistics assets in Southall, West London. The portfolio is a freehold data centre redevelopment opportunity centred around International Trading Estate, Brent Road.
Although the buyer was not disclosed, it is believed to be linked to Global Technical Realty, a major European build-to-suit data centre platform, funded by KKR.
In Havant, Royal London Asset Management Property has partnered with Canmoor Developments to acquire a 4.16-acre brownfield site from the administrators of Dunham-Bush Limited for £5.13 mln. The strategic acquisition paves the way for the development of three Grade A industrial units, providing 104,320 ft2 of lettable floor area. The new development will be targeting EPC A+ and BREEAM Outstanding.
James Orr, head of industrial and logistics at Royal London Asset Management Property, said in a statement: 'We are extremely proud of the latest sector transactions as this pivot into development stock is a key component of our strategy. By rotating out dry investments through sales and recapitalisation, we aim to generate higher returns.'
Royal London Asset Management Property manages over 17 million ft2 of industrial and logistics across the UK, with the majority of sites located in the South East. Recent transactions include the acquisition of the 24-acre Abbey Works site in Fareham and the sale of a 1.2 million ft2 national portfolio of industrial and logistics assets to Ares Management.
