Industrial developer Goodman Group has acquired a 9.5 acre (3.85 ha) site in West London's Park Royal in partnership with the Canada Pension Plan Investment Board (CPPIB) and APG Asset Management.
Financial details were not disclosed, but local media reported a deal volume in the £70 mln (€80 mln) range, marking a record price for UK industrial land.
The deal was executed via the Goodman UK Partnership (GUKP), its £1 bn investment vehicle launched with CBBIB and APG in October 2015.
'Infill locations such as Park Royal are experiencing strong demand from our customers. This trend is consistent across Goodman’s global footprint and continues to be driven by urbanisation and e-commerce,' said Charles Crossland, managing director of Goodman UK.
'We’re looking forward to working closely with our customers to develop high-quality space that suits their specific needs,' Crossland added.
Situated within London’s largest industrial area, the site is five miles from Central London and 14 miles from Heathrow Airport.
It also lies adjacent to Old Oak, the UK’s largest regeneration development, which will receive a significant infrastructure boost including the new HS2 Interchange, arriving in 2026.