Crosstree Real Estate Partners and urban warehouse investor Bloom have acquired two multi-let industrial estates in London for their £200 million last-mile, industrial and logistics joint venture.
The two estates, Hanwell Works in Ealing and 2-7 Centenary Road in Enfield, were acquired off-market with vacant possession for a total of £20.75m.
Hanwell Works, a freehold 1.4 acre standalone gated estate totalling 42,552ft², was acquired from a private investor for £11.15m.
It has recently been vacated by Access Self Storage and will be repositioned into four modern units ranging from 4,500ft²-18,000ft².
Centenary Road, a freehold 2.1 acre terraced warehouse totalling 33,436ft², was acquired from a publicly listed property company for £9.6m and will be split into four modern units ranging from 5,600ft²-11,100ft².
These acquisitions represent the second and third assets for the joint venture, following the acquisition of Fairview Business Centre in Hayes from A2 Dominion Group in September last year for £30m.
Co-founder and managing partner of Bloom, Tom Davies, said: “These acquisitions are a strong fit for our joint venture with Crosstree, as they are well-configured assets that we have purchased below replacement cost with clear potential to be upgraded and modernised.
“We remain disciplined with our asset selection with our data demonstrating that Hanwell and Enfield are both under-supplied sub-markets for our proposed unit sizes.”
