Valor Real Estate Partners has bought the Tera 40 industrial estate in Greenford, London, for around £146 million.
The Auriol Drive estate consists of four modern distribution assets totalling 340,650 square feet, which are fully let to Tesco, Palletways, Royal Mail and Micheldever. The seller is Lothbury Investment Management.
The estate’s 19-acre site has buildings on around 40%, 285 car parking spaces and up to a 63-metre yard space. Tera 40 is close to the A40, the North Circular and M25.
Jeremy Achkar, head of UK investment for Valor, says, “This prime last mile estate represents a rare opportunity to acquire modern distribution space at scale in one of West London’s most competitive sub-markets. We view the real estate as impossible to replicate and replace, and its functionality and location is entirely consistent with our deployment strategy across London.”
Valor was represented by Cogent Real Estate and Simmons & Simmons. Lothbury was represented by Gerald Eve and Travers Smith.
The Travers Smith team was led by Real Estate Partner Sarah Walker and supported by Senior Associate Tony Dosanjh.
