Aviva Investors, the global asset management business of Aviva, has completed the forward purchase of an industrial scheme in South East London for a gross development value of £50 mln (€57 mln).
The Orpington Gateway development comprises 150,000 ft2 of 14 multi-let trade and industrial development units, and has a focus on energy saving with the aim of reducing carbon emissions by up to 35%. Set across a 5.9-acre site, the development is 25% pre-let with construction scheduled to complete in June 2019.
'Located in a significant commercial area for trade, retail and distribution, this is a prime trade and logistics asset in an affluent inner-M25 location, offering our investors strong potential returns,' said Richard Moore, asset manager, Aviva Investors.
'With frontage directly onto one of the major thoroughfares, the development is an attractive asset in a core location and sits well with our real estate strategy for large, high-quality assets in robust economic locations,' Moore added.
Montagu Evans acted as advisor to Aviva Investors.