Prologis, a leading owner and developer of UK logistics real estate, has further strengthened its portfolio in London and the South East, with the acquisition of two prime urban logistics estates in Park Royal and Watford (pictured) . This transaction continues the company’s strategic focus on Greater London, following recent acquisitions in Croydon and Erith in July.
Comprising more than 360,000 sq. ft. of prime last-mile logistics space, on a total of 17 acres, both estates offer a range of Grade A units and are 100% leased to customers operating in diverse industry sectors including distribution, construction, pharmaceutical and film and television.
Located in two densely populated urban markets, Prologis Central Park (Park Royal) and Prologis Imperial Park (Watford) are strong additions to the UK portfolio, with both benefiting from excellent connectivity to London and beyond. Situated at the heart of Park Royal, the capital’s premier industrial and logistics estate, Central Park was built in 2014 to BREEAM ‘Excellent’ specification. Imperial Park was built in phases from 2000 and is well located less than 5 minutes from Junction 5, M1 in Watford, north west London’s principal commercial district.
The purchase of both assets complements Prologis UK’s existing portfolio – expanding holdings at Park Royal and, in the case of Watford, increasing the company’s presence along the southern M1-London corridor. The Watford site in particular adds to a number of successful projects in Hemel Hempstead.
Paul Weston, Regional Head of Prologis UK: “The purchase of these prime urban logistics estates illustrates our confidence in and appetite to grow our last mile offering servicing London and the South East. We look forward to working with new customers across the two parks, all of whom are welcome additions to our business.”
The assets were acquired from Schroders Capital who were advised by Gerald Eve.