SEGRO continues London growth with three key acquisitions
SEGRO has completed the acquisition of key assets in strategic locations in north and south London, evidencing increasing momentum of the execution of its growth strategy in Greater London.
The two north London assets, which are located in Walthamstow and Waltham Cross, have been acquired from a private seller for an undisclosed price. The south London asset, Access 23, is a Grade A multi-let industrial estate in Croydon acquired for £120 million from LaSalle Investment Management.
The Walthamstow asset comprises 4.5 acres of near-term development opportunity. Situated within an excellent Zone 3 urban location, the facility is surrounded by a cluster of creative businesses and offers attractive connectivity, with the London Underground Victoria line and North Circular A406 in proximity to the site.
The 185,500 sq ft of high-quality warehousing at Waltham Cross is well-located on the M25, near Junction 25, and close to the local bus and train stations, in the heart of a dynamic orbital market, which is currently experiencing high demand from creative sectors.
Access 23 is fully let and comprises 180,000 sq ft of multi-let industrial warehousing across two buildings and two car showrooms. The estate is located on Purley Way which is equidistant between central London and the M25, making it well positioned for a variety of uses, including as a last-mile delivery hub.
SEGRO is delivering its strategic plan to identify and secure properties with near- and medium-term asset management and development opportunities across London, including the important north London corridor.
Alan Holland, Managing Director, Greater London at SEGRO, said:
“Demand for high quality, well-located industrial and logistics space across the London market remains strong, but there is a lack of supply to meet it. These acquisitions are another positive step forward in the delivery of our plan to strengthen our offering in key strategic London sub-markets where we already have a more established presence and build scale in the those where we don’t, including south London.”
The Walthamstow purchase adds to SEGRO’s future pipeline of development opportunities in Greater London following the acquisitions of a 1.7-acre site in Stratford, east London, and a 20-acre plot in Belvedere, south east London, in October 2021. Access 23 will complement other recent SEGRO investments in Croydon including SEGRO Park Beddington Lane and the speculative development at SEGRO Park Croydon, due for completion in 2023.