Forsters has advised Fiera Real Estate UK (“FRE UK”) and Wrenbridge on the sale of a 33,000 sq. ft. urban logistics unit in Park Royal, London
The property was purchased from Wrenbridge and Fiera Real Estate’s Opportunity Fund V UK, a programmatic venture series with CBRE Global Investment Management.
The asset, which is currently let to a cosmetics wholesaler with a lease expiry in December 2022, was purchased by Vengrove for VRE Industrial Partners (VREIP), its UK value-add industrial and logistics strategy. It is VREIP’s first acquisition in London, as it seeks to assemble a regionally balanced UK portfolio.
Chris Button, Fund Manager at FRE UK, commented “We are delighted to have completed on the sale of this high-quality asset, located in the midst of London’s logistics hub. Fiera Real Estate has considerable funds to commit to sites with similar features around the UK.”
Commercial Real Estate Partners Smita Edwards and Jade Capper advised on the deal. Stonehill also acted on behalf of FRE UK and Wrenbridge. Vengrove was advised by Levy Real Estate, Dentons, Hollis and Nova Ambiente.