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Valor Real Estate Partners, the last-mile real estate investor, has bought Tera 40 industrial estate on Auriol Drive, Greenford, for £146 million from Lothbury Investment Management.
The estate comprises four distribution assets totalling 340,650 square feet which are fully let to Tesco, Palletways, Royal Mail and Micheldever.
The estate sits on a 19-acre site, comprising up to 285 car parking spaces and up to 63 metres of clear yard space. The buildings on the estate average a site coverage of 40%.
It is located in Greenford close to the A40, the North Circular (A406) and M25.
Greenford is a supply-starved London industrial submarket, with the re-allocation of land for residential uses seeing total industrial stock decline more than 13% since 2013.
Jeremy Achkar, head of UK investment, Valor, said in a statement: “This prime last mile estate represents a rare opportunity to acquire modern distribution space at scale in one of West London’s most competitive sub-markets. We view the real estate as impossible to replicate and replace, and its functionality and location is entirely consistent with our deployment strategy across London.”
Ed Hockley, executive director, Lothbury Investment Management, said the asset is now too large for the fund and is being sold to “mitigate asset concentration risk”.
Valor was represented by Cogent Real Estate and Simmons & Simmons; Lothbury was represented by Gerald Eve and Travers Smith.
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