Pan-European logistics platform Valor Real Estate Partners has acquired the New England Industrial Estate, a six-unit, 144,000 ft2 (13,380 m2) industrial estate in Barking, East London.
Financial details were not disclosed.
The deal represents the first acquisition on behalf of Valor’s recently launched joint venture with QuadReal Property Group, which was formed to invest over €1 bn in urban logistics assets located in key cities in the UK, France and Germany.
The New England Industrial Estate comprises six industrial units, ranging in size from around 7,000 ft2 to 50,000 ft2. Valor intends to reposition the estate as part of its business plan, delivering assets that will cater to last-mile logistics operators, given the accessibility of the location.
Cane Napolitano, partner, head of investment at Valor, commented: 'This is a great opportunity to acquire a prime East London industrial property at scale and demonstrates our capital deployment capability and speed of execution for assets that fit our investment strategy. It also represents a strong start to our new JV with QuadReal.'
Launched earlier this month, Valor’s JV with QuadReal will focus primarily on urban, in-fill logistics assets located in the greater metropolitan areas of London, Paris and Berlin, with a secondary focus on major UK and EU gateway cities, such as Manchester, Lyon and Frankfurt.
Jeremy Achkar, who is responsible for sourcing and executing UK transactions at Valor, added: 'The acquisition furthers our commitment to continued investment in London, and adds to our growing presence in the Eastern corridor of the capital.'
Valor was advised by Stonehill Partners and Simmons & Simmons.
