Valor and QuadReal buy Barking industrial estate
Valor Real Estate Partners and QuadReal Property Group have launched their €1bn (£880m) joint venture with the purchase of a 144,000 sq ft industrial estate in Barking, East London.
The joint venture – formed to invest more than €1bn in urban logistics in the UK, France and Germany – has bought the six-unit New England Industrial Estate for £42m.
The six warehouses range from around 7,000 sq ft to 50,000 sq ft. Valor said it intends to “reposition the estate as part of its business plan” to deliver assets catering to last-mile logistics operators.
Valor Real Estate Partners and QuadReal Property Group have launched their €1bn (£880m) joint venture with the purchase of a 144,000 sq ft industrial estate in Barking, East London.
The joint venture – formed to invest more than €1bn in urban logistics in the UK, France and Germany – has bought the six-unit New England Industrial Estate for £42m.
The six warehouses range from around 7,000 sq ft to 50,000 sq ft. Valor said it intends to “reposition the estate as part of its business plan” to deliver assets catering to last-mile logistics operators.
Geographically, the jv will mainly focus on urban, in-fill logistics properties located in London, Paris and Berlin, with a secondary focus on UK and EU gateway cities such as Manchester, Lyon and Frankfurt.
Cane Napolitano, partner and head of investments at Valor, said: “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.”
Jeremy Achkar, who is responsible for sourcing and executing UK transactions at Valor, said: “The acquisition furthers our commitment to continued investment in London, and adds to our growing presence in the Eastern corridor of the capital.”
Stonehill Partners advised Valor, alongside law firm Simmons & Simmons.
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