A BlackRock fund has invested an undisclosed amount to buy a 172,000sqft logistics development in the UK from a joint venture between Chancerygate, a Credit Suisse Asset Management fund and Hines.
The joint venture has forward sold the Zephyr Park project in East London to the unnamed BlackRock fund.
Construction on the six-acre site is due to commence next month and is expected to achieve practical completion in summer 2023.
Richard Bains, the managing director of logistics developer Chancerygate, said: 鈥淔orward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also a testament to the high specification, sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow.鈥�
Greg Cooper, Hines managing director, industrial and logistics, said: 鈥淲e are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high-quality logistics developments.
鈥淚t is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.鈥�
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