April 19, 2022
Fiera Real Estate UK (“FRE UK”) and Wrenbridge have completed the sale of a 33,000 sq.ft urban logistics unit in Park Royal, London’s prime industrial and logistics location.
The property was purchased from Wrenbridge and Fiera Real Estate’s Opportunity Fund V UK (“FREOF V”), a programmatic venture series with CBRE Global Investment Management (“CBRE IM”).
The asset which is currently let to a cosmetics wholesaler and with a lease expiry in December 2022 was purchased by Vengrove for VRE Industrial Partners (VREIP), its UK value-add industrial and logistics strategy. It is VREIP’s first acquisition in London, as it seeks to assemble a regionally balanced UK portfolio.
Chris Button, Fund Manager at FRE UK, commented “We are delighted to have completed on the sale of this high-quality asset, located in the midst of London’s logistics hub. Fiera Real Estate has considerable funds to commit to sites with similar features around the UK.”
Will Hunting, Partner & Head of Investment at Vengrove, commented “This acquisition takes VREIP to five transactions since inception at the start of the year. We are pleased to have acquired the JV’s first London asset, providing geographic balance to the four assets already acquired. The asset is also accretive to VREIP’s value-add strategy and we look forward to executing the business plan.”
Forsters and Stonehill were acting on behalf of FRE UK and Wrenbridge. Vengrove was advised by Levy Real Estate, Dentons, Hollis and Nova Ambiente.