BlackRock UK Property Fund has acquired 27,215 sq ft Forest Trading Estate in Walthamstow, London from CBRE Global Investors for £11 million.
Forest Trading Estate is fully let to three tenants with a passing rent of £404,665 pa, equating to £14.87 psf. The estate directly adjoins BlackRock’s existing ownership at Uplands Business Park which it acquired in 2017.
“This is a popular and well-located trading estate with strong reversionary potential given the latest letting at £20 psf in December 2018,” said John Prichard senior associate at Gerald Eve which advised BlackRock. “Together with its adjacent ownership at Uplands Business Park, BlackRock has now aggregated over 12.5 acres, which is becoming increasingly rare given continued loss of industrial land across Greater London.”