SEGRO has acquired west London industrial estate Perivale Park from Federated Hermes for £202.5m.
The 34-acre estate is adjacent to Perivale Underground station and is fully let. In total, it has 593,000 sq ft of space across 23 units and eight acres of land with development potential.
The park generates a topped-up passing of rent of £6.8m – approximately £10 per sq ft.
The net initial yield (excluding the land) is 3.5% and the equivalent yield is 4.3%.
Alan Holland, business unit director for SEGRO’s Greater London portfolio, said: “Perivale Park is a perfect fit for SEGRO, sitting adjacent to the A40 and nestled between our core holdings in Greenford and Park Royal.
“It offers a rare opportunity to build further scale and drive value in an area where we already have considerable expertise and knowledge of the local market and customer base.”
SEGRO was advised by Altus Property Services; Acre Capital Real Estate acted on behalf of Federated Hermes.
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