Valor has bought a portfolio of six warehouses for £70m.
The last-mile specialist has completed the deal to buy the 157,000 sq ft portfolio from Milton Group, a privately owned development and construction company.
The portfolio includes a single warehouse unit in Beckton, east London, which was subject to a full refurbishment in 2020, and an industrial estate in Byfleet, Surrey, which comprises two warehouse units. Both assets are let to BSS Group, a distributor of heating and mechanical services equipment.
In Thurrock, Essex, Valor has bought a unit currently let to local independent insulation business, while the unit in Belvedere, south east London, is let to Illusion Design & Construct, a manufacturer of scenery for the entertainment industry.
The portfolio also includes a unit in Borehamwood, Hertfordshire, occupied by Travis Perkins, and an industrial estate in Norbiton, Surrey.
The deal means Valor has now deployed £1bn in London and its surrounds since the start of 2021. The pan-European last-mile urban logistics specialist was formed in 2016 and has amassed a €3bn (£2.56bn) portfolio focused on London, Paris and Berlin.
Jeremy Achkar, vice-president of investments, said: “This transaction represents a rare opportunity to aggregate scale and geographic diversification in London’s highly competitive and granular urban infill submarkets.”
Valor was advised by Stonehill Partners.
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