Valor Real Estate Partners is buying a 拢146m (鈧�169m) industrial estate from UK real estate manager Lothbury Investment Management.
The European last-mile real estate firm said it has agreed to acquire the Tera 40 industrial estate on Auriol Drive in Greenford in the London Borough of Ealing. The estate, on a 19-acre site, comprises four fully-let distribution assets totalling 340,650sqft.
Jeremy Achkar, head of UK investment at Valor, said: 鈥淭his prime last-mile estate represents a rare opportunity to acquire modern distribution space at scale in one of West London鈥檚 most competitive sub-markets.
鈥淲e view the real estate as impossible to replicate and replace, and its functionality and location is entirely consistent with our deployment strategy across London.鈥�
Ed Hockley, executive director at Lothbury Investment Management, said: 鈥淭his asset has been in the fund since inception and Lothbury developed the majority of the estate ourselves, demonstrating the strength of our in-house development capability and the conviction of our core/active approach to investing.
鈥淭he asset is now too large for the fund and is being sold to mitigate asset concentration risk.鈥�
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