Segro has acquired a 拢202.5m (鈧�227.2m) warehouse estate in London from Federated Hermes.
The UK real estate investment trust said it has bought the fully-let 34-acre Perivale Park in West London, which also offers development potential.
Perivale Park provides 55,100sqm of lettable space across 23 units and 8 acres of land which is currently leased as a vehicle compound.
Segro said Perivale Park is leased with a weighted average unexpired lease term of 3.4 years to break and 5.5 years to expiry.
Alan Holland, business unit director for Segro鈥檚 Greater London portfolio, said Perivale Park offers an opportunity to build further scale and drive value in an area 鈥渨here we already have considerable expertise and knowledge of the local market and customer base鈥�.
鈥淚t also offers medium-term development and redevelopment potential in one of London鈥檚 prime, and most supply-constrained, industrial clusters.鈥�
Colm Lauder, a Goodbody real estate analyst, said Segro鈥檚 acquisition is a 鈥渄ecent acquisition of an under-rented portfolio鈥�.
Portfolios of this scale are in very high demand and rarely come to market in London, which is one of Segro鈥檚 key growth regions, he said.
鈥淔urthermore, assets like this one highlight how urban logistics present significant rental growth opportunities.鈥�
Lauder said since the estate is located between Greenford and Park Royal, Segro has local knowledge of the tenant base.
He added that the asset鈥檚 combined worth should further help with executing the asset management potential at the estate.
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