Warehouse purchased for £22 million
by James Wood Fri 12 September 2014, 3:58 pm
M&G Real Estate Investments has purchased a 9,932sq m distribution warehouse in Park Royal from Standard Life Investments for £22 million.
One Park Royal is let in its entirety to Enotria Wine Cellars for 15 years, expiring in May 2029.
Home to around 2,000 businesses, Park Royal is the largest industrial area in Europe, spanning 728 hectares.
Adam Coulston, director of investment management at M&G Real Estate, said: “Investor demand for UK distribution warehousing has remained robust throughout 2014.
“Park Royal has seen strengthening tenant demand over the past 12 to 18 months due to its core industrial location in London, with good communication links and a significant critical mass of occupiers. We believe rental growth prospects are good, which will assist in achieving excellent returns for our investors.”