Industrial specialist Segro has completed £195 mln (€231 mln) of investment in London, acquiring Grand Union Trade Park in Park Royal and growing its Inner London pipeline with the purchase of two assets in Wapping and Clapham.
Grand Union Trade Park comprises 100,000 ft2 (9,200 m2) of industrial space across more than four acres. The estate, which is fully let to a mix of trade suppliers, including Screwfix and Howdens, is adjacent to Tudor Industrial Estate and Premier Park, also owned by Segro, offering the potential for large-scale redevelopment in the medium to long-term.
Segro has acquired Grand Union Trade Park from abrdn for an undisclosed fee.
The asset to be known as Segro Park Wapping is situated between the City Fringe opportunity area and Canary Wharf, making it the closest in Segro's portfolio to central London.
The asset in Clapham, which will be named Segro Park Clapham, is located close to the high street and Clapham North underground station and is within the Nine Elms growth corridor.
Alan Holland, managing director, Greater London at Segro, said: 'These deals represent further positive momentum in the expansion of our urban logistics portfolio in London and are in line with our strategy to build scale and a customer offering in high-density business and residential clusters.
'The purchase at Park Royal complements our existing ownership in the area and unlocks large scale development opportunities for the future, whereas the acquisitions at Wapping and Clapham underline our ability to identify and secure industrial assets in Inner London locations, enabling occupiers to meet the ever-changing demands of their own customers.
'In an increasingly competitive market we will continue to take an innovative and creative approach to secure well-located assets that can be redeveloped or repositioned as high-specification, sustainable warehouse space.'
Both the Wapping and Clapham assets have been acquired with the intention of re-developing them into two highly sustainable industrial estates, delivering a combined 150,000 ft2 of net-zero warehouse space.
Segro said they would be suited to help meet the increasing demand for online products and services in the local communities.
The deals add to Segro's significant London holdings, following purchases in Walthamstow, Waltham Cross, Park Royal, Croydon, Stratford and Belvedere in 2021.
