Pan-European asset manager Valor Real Estate Partners has acquired three logistics properties in Greater London for a combined sum of £50 mln (€58 mln).
The sites, purchased in separate deals, comprise a 100,000 ft2 class A multi-let industrial park in Ruislip, West London; a 38,000 ft2 property in Park Royal, West London; and a 93,000 ft2 building in Thurrock, East London.
Gustav Detter, vice-president of investments at Valor, commented: 'We are delighted to have secured three prime assets in some of the most attractive London submarkets.
'These assets are very well-placed to benefit from above average rental growth on account of low vacancy rates and increasing occupier demand for logistics assets in these areas.'
The Ruislip acquisition comprises 10 fully-let units, a few of which have outstanding rent reviews, which Valor said it would look to exploit. The firm said that the Park Royal deal was important due to the area's growing last-mile credentials, while the Thurrock deal included a sale-and-leaseback component, expiring in three years.
'Valor continues to pursue our strategy of acquiring quality last-mile logistics assets in supply constrained submarkets with substantial capital available for new opportunities,' Detter concluded.
Valor was advised by Acre Capital for the Thurrock and Ruislip transaction, and Levy for the Park Royal transaction. Financing was provided by PGIM for all three deals.
