SEGRO sells west London park in £115m deal

SEGRO has sold SEGRO Park Victoria Road in Park Royal, west London, to Imperial College London for £115m. The 10-acre urban warehouse estate has been owned by SEGRO since the acquisition of Brixton plc in 2009. The estate is 64% occupied and generates rental income of £3.2m. Imperial will operate the site to provide commercial science innovation facilities to early-stage companies with interests aligned with the university’s academic mission as part of the “WestTech Corridor”. The site has been identified for future mixed-use development by Imperial’s strategic partners Old Oak and Park Royal Development Corporation and Ealing Council as part of the area’s regeneration plans. Bonnie Minshull, head of London at SEGRO, said: “SEGRO Park Victoria Road has performed very well for SEGRO over the past decade. This sale to a special purchaser, for the provision of commercial science and innovation facilities, allows us to reinvest the proceeds into our wider London portfolio.” She added: “Imperial’s WestTech Corridor vision is a welcome initiative from a world-leading institution, adding another powerful driver of demand to London’s primary industrial and logistics cluster, in which SEGRO owns approximately 6m sq ft.” Hugh Brady, president of Imperial College London, said it was investing in its “ambitious vision for a new globally competitive deep tech innovation ecosystem in west London”. “The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional and national level supported by the government’s emerging Industrial Strategy,” he said. Montagu Evans advised SEGRO on the deal; Savills acted for Imperial.