Real estate investor and developer Brookfield Asset Management and industrial property operator Copley Point Capital have acquired three warehouses at Heathrow Airport, London for approximately £54 million.
Totalling 220,000ft2, the three grade A units are used by DHL, Circle Express and Air Menzies as air cargo logistics centres. On the deal, Nimit Oberoi, Managing Director at Copley Point, said: “We are delighted to gain exposure to the highly undersupplied Heathrow market with assets that are well suited for both national distribution and airport-related logistics. We look forward to adding value to these assets by implementing ESG improvements and capturing the inherent rent reversion.”
The units have bonded status, meaning goods can be pre-cleared for aircraft loading before they arrive at the airport. In March this year, Brookfield and Copley Point recapitalised three big-box distribution warehouses, with the 1.4 millionft2 portfolio comprising three Grade A assets in Skelmersdale, Knowsley and Worksop.
Alexis Prevot, Managing Director at Brookfield Real Estate Solutions, added: “This marks our fourth acquisition through our UK mission-critical warehouse joint venture with Copley Point and our eighth investment in Europe through Brookfield’s real estate sponsor solutions strategy.
“We will continue to offer solutions to sponsors across all real estate asset classes, with these three distribution warehouses an example of the type of high-quality, well-located assets that we will continue to target across Europe.”