Valor Real Estate Partners has added a 10,680 m2 cross-dock distribution property in Barking to its London logistics portfolio.
The purchase is believed to be from a UK open-ended fund which was looking for a quick sale to raise liquidity, at a price of around £23 mln.
The East London building, on six acres with 18 docks and 50 to 60-metre yards on either side, is let to DHL for a further two years and is under-rented.
Valor’s managing partner Christian Jamison said: ‘It is very rare to get a Class A distribution asset in such a central location. There is huge residential regeneration going on in Barking and this is one of the last pockets of industrial left.’
Valor focuses on urban and infill logistics in big cities and invests in France and Germany as well as the UK.
Since Q4 2016 the firm has bought over €500 mln of logistics assets, €200 mln of them in Greater London, in about 20 transactions.
Stonehill Partners advised Valor on the Barking acquisition.