Valor Real Estate Partners and QuadReal Property Group have added two prime last-mile properties in London to their urban logistics joint venture.
The two sites in Barking and Enfield have a total GDV of £60 mln and (€71.6 mln) were acquired off market, the companies said.
The 79,435 ft2 Enfield property totals 11 units across three buildings and is 92% occupied by a range of trade counter and last mile businesses, with an average lease term of two years.
At the vacant 3.49-acre Barking site, the JV plans to develop a build-to-suit last mile distribution hub.
Thomas Blangy, senior vice president at QuadReal Property Group, said: ‘These acquisitions align with our strategy of capitalising on high-growth urban logistics markets where supply constraints and strong demand present opportunities for long-term value creation.
‘London’s last-mile logistics sector continues to offer solid fundamentals, and through our partnership with Valor, we are well-positioned to generate sustainable returns by delivering strategically located assets that meet occupier needs in these key submarkets.’
