UK-focused asset manager Valor Real Estate Partners has acquired a 65,000 ft2 (6,040 m2) retail warehouse in London on behalf of clients from Schroders for £18.875 mln (€21.5 mln).
The asset, which is let to Booker, the UK's largest cash and carry operator, is located at Off Curricle Street in Acton.
'In addition to being Valor’s fourth acquisition of 2019 within the urban submarkets of London’s transit zones 2-4, this investment is our second in as many months in an area undergoing regeneration,' said Cane Napolitano, principal at Valor. 'Similarly to our April acquisition in Barking, the Acton industrial submarket is incredibly supply-constrained and is facing a further loss of industrial stock through residential up-zoning.'
Valor said it had now acquired £300 mln of logistics assets in greater London since Q4 2016, as part of a broader pan-European strategy that has seen Valor amass more than €600 mln of in-fill logistics assets across 21 transactions in the UK, France and Germany.
The firm's Greater London portfolio now extends to 396,240 m2.
Based on the disposal price, Schroder said the asset has generated an ungeared total return of 14.3% per annum since acquisition in 2005, compared with the MSCI Benchmark for the same period of 5.7% per annum.
Valor was advised by Levy, Schroders was advised by Savills.
