St. Modwen has expanded its logistics portfolio in London with the acquisition of Westlands Industrial Estate in Hayes for £80 million.
The estate, which comprises three high-specification warehouse units on a 7.2-acre site, is currently fully let to leading global businesses, with logistics company Nippon Express occupying a 125,000 sq ft unit and Attewell Limited, a manufacturer of aerospace equipment, occupying 40,500 sq ft across two units.
Westlands is located in Hayes, one of London’s most established industrial submarkets, and is less than three miles from Heathrow airport. Close to the M4, M25 and M40 interchanges, it provides connectivity to Central London and the UK motorway network.
The estate is adjacent to Hayes & Harlington rail station, which benefited from the opening of the Elizabeth Line in June.
The transaction further increases St. Modwen’s exposure to urban warehousing following the £180 million acquisition of a portfolio of eight assets from Argo Real Estate in November 2021.
St. Modwen, which was acquired by Blackstone in August 2021, is a UK’s logistics platform with a portfolio comprising 9.5 million sq ft of standing assets and 2.2 million sq ft of new developments targeted for delivery in 2022.
”This is a significant transaction which expands our footprint in London and aligns with our long-term strategy to own and manage space that supports our customers’ ambitions for growth. Hayes is one of London’s most competitive industrial submarkets and this is a rare opportunity to acquire prime warehouse space in a key last-mile location. Our portfolio growth plans are firmly underpinned by developing our own logistics parks and ramping up the acquisition of new sites UK-wide, having made several appointments to our transactions team in recent months,” said Polly Troughton, Managing Director, St. Modwen Logistics.