Prologis UK has bought a logistics and industrial park in north-west London from DTZ Investors for £125m.
Prologis Park Western Avenue comprises 288,523 sq ft across a 16-acre site at Park Royal, and is leased to 21 customers.
The deal takes Prologis’ assets under management in the UK to $9.4bn (£7.3bn) of $199bn assets managed globally.
Paul Weston, regional head of Prologis UK, said: “This acquisition is a significant milestone for Prologis. It reinforces our strategic investment commitments to the UK industrial and logistics market here in London, supporting the growth of our national economy.
“Park Royal is the most successful logistics location in the capital. Through confident and swift work with everyone involved, we have secured a new park which will complement our existing portfolio, ensuring that we stay at the forefront of the UK’s logistics sector.”
Kevin O’Connor, senior director at DTZ Investors, said: “The transaction reflects the continuing strength of demand for prime inner London industrial estates required to serve the capital.”
DTZ’s fund bought the West Five retail park in 2016, adding it to its existing Western Avenue Business Park holding.
DTRE advised Prologis; Acre Capital Real Estate advised DTZ.
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