SEGRO expands London portfolio

 

As part of its strategic plan to expand its footprint across London, SEGRO has completed industrial acquisitions totalling £195 million. The acquisitions include the purchase of Grand Union Trade Park in Park Royal and two assets in Wapping and Clapham, totalling 5.2 acres in size, adding to the company’s future development pipeline.

Grand Union Trade Park, has been acquired from Abrdn for an undisclosed fee and totals approximately 100,000 sq ft of industrial space on a site of over four acres, with a mix of trade suppliers, including Screwfix and Howdens. The site is adjacent to Tudor Industrial Estate and Premier Park, which is also owned by SEGRO, offering the potential for large-scale redevelopment in the medium to long-term.

In east London, the asset to be known as SEGRO Park Wapping is situated between the City Fringe opportunity area and Canary Wharf. The asset in Clapham, which will be named SEGRO Park Clapham, is located close to the high street and Clapham North underground station and is within the Nine Elms growth corridor.

Both the Wapping and Clapham assets have been acquired with the intention of re-developing them into two highly sustainable, best-in-class industrial estates, delivering a combined 150,000 sq ft of net-zero warehouse space, ideally suited to help meet the increasing demand for online products and services in the local communities.

Alan Holland, Managing Director, Greater London at SEGRO, said: “These deals represent further positive momentum in the expansion of our urban logistics portfolio in London and are in line with our strategy to build scale and a customer offering in high-density business and residential clusters.

“The purchase at Park Royal complements our existing ownership in the area and unlocks large scale development opportunities for the future, whereas the acquisitions at Wapping and Clapham underline our ability to identify and secure industrial assets in Inner London locations, enabling occupiers to meet the ever-changing demands of their own customers.

“In an increasingly competitive market, we will continue to take an innovative and creative approach to secure well-located assets that can be redeveloped or repositioned as high-specification, sustainable warehouse space.”