Pan-European logistics platform Valor Real Estate Partners has acquired a 54,000 ft2 (5,016 m2) three-unit industrial estate in Crawley, adjacent to Gatwick Airport, from a fund managed by State Street.
Financial details were not disclosed.
According to Valor, the deal represents the firm's fourth acquisition in this key industrial submarket south of the M25, on the edge of the Greater London green belt.
Jeremy Achkar, UK transactions lead at Valor, said: 'This off-market transaction is another strong addition to our portfolio, in what is one of the prime industrial hubs of South London and where we now have a significant footprint.
'The estate appeals to a wide range of occupiers, as evidenced by the current tenant base, and the low site cover offered will continue to drive occupational interest in the long-term, as last-mile operators in particular seek increasing amounts of yard space at their warehouse facilities.'
The low site-cover 31,000 ft2, 12,200 ft2 and 11,700 ft2 units are occupied by UPS, the global 3PL, car dealership Hendy Group and FTSE-listed equipment tool and hire company HSS Hire Service Group, respectively.
Following the transaction, Valor owns more than 200,000 ft2 of warehouse space in Crawley, across four properties, occupied by a mix of global and domestic businesses.
The acquisition takes Valor’s portfolio to more than 85 assets totalling over six million ft2 of urban logistics, primarily located in London and Paris.
Valor was advised by ACRE Capital Real Estate, Simmons & Simmons and Lockton.
