A logistics, industrial and retail site in Park Royal which contains Wren Kitchens and B&Q as tenants has been acquired by Prologis UK to help grow its assets in the UK.
Prologis Park Western Avenue, formerly known as West Five Centre, was bought from DTZ Investors and consists of 288,523 sq ft across a site of 16.14 acres which is leased to 21 customers and includes B&Q and Wren Kitchens. No details were revealed as to the price Prologis UK paid to acquire the development.
Paul Weston, regional head of Prologis UK, said: “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.
Mr Weston added: “Park Royal is the most successful logistics location in the capital. Through confident and swift work with everyone involved, we’ve secured a new park which will complement our existing portfolio, ensuring that we stay at the forefront of the UK’s logistics sector.”
Kevin O’Connor, senior director of DTZ Investors, said: “The asset was sold to fulfil the long term strategy of the fund managed by DTZ Investors. This transaction reflects the continuing strength of demand for prime inner London Industrial estates required to serve the capital. The Fund acquired the West Five retail park in 2016, adding it to the existing Western Avenue Business Park holding and enhancing the overall attractiveness of the asset to potential investors.”
