Global real estate investment company Invesco Real Estate has entered into a joint venture with Logistics Capital Partners (LCP) to co-invest into multi let industrial and logistics park in Thamesmead, London.
The co-investment will see approximately 800,000ft² of space built with an end value estimated to be over £250 million.
The site covers 67 acres, situated in the Eastern Corridor of Greater London and the new joint venture working in partnership with the previous owner, Peabody Trust.
The partnership will also work with the Local Planning Authority, The London Borough of Bexley, to provide up to 1,500 jobs.
Upon completion, the development will seek to reach the highest sustainability standards including compliance with the UK Net Zero Carbon Building Standard BREEAM ‘Excellent’ certification, EPC ‘A+’ energy rating and with renewable power generated on-site once complete.
Co founder & managing partner of LCP, James Markby, said: “This major London site acquisition, and planned phased development is perfectly timed at this stage of the market cycle.
“It will deliver much needed high quality development to the largest city in Europe, in combination with exceptional long term value creation to our shareholders and Invesco Real Estate’s investors.”
“It’s been a pleasure to see our involvement and alignment with Invesco continue to grow into new areas across their value-add series, and now their flagship pan-European strategy. It’s an exciting time and testament to the ability of our entrepreneurial teams.”
