Prologis Doubles Down On UK Investment With Park Royal Acquisition
Logistics investor, owner and developer Prologis UK has bought a major logistics asset at Park Royal, London, and has plans for further development on the site.
Prologis purchased the 16-acre mixed-use Western Avenue Business Park for an undisclosed sum from DTZ Investors. Totalling more than 288K SF, the estate is leased to 21 companies and comprises a mix of urban logistics and retail warehousing. Two vacant units of 3,900 SF and 8K SF are available.
The logistics giant said the site offers the ability to increase density through the additional development of data centres and fulfilment centres.
“This acquisition is a significant milestone for Prologis. It reinforces our strategic investment commitments to the UK industrial and logistics market here in London, supporting the growth of our national economy,” Prologis UK Regional Head Paul Weston said in a statement. “Park Royal is the most successful logistics location in the capital.”
The acquisition takes Prologis’ assets under management in the UK to £7.4B.
DTZ bought the West Five retail park in 2016 and added it to the existing Western Avenue Business Park to create the current property.
Prologis was represented by DTRE, and DTZ Investors was represented by ACRE Capital Real Estate.
