Federated Hermes, the global investment manager, has completed the sale of Perivale Park in West London to SEGRO for £202.5m.
The 34-acre scheme contains a selection of modern industrial units and warehouses, some with accompanying office space, with 24-hour on site security and set within a landscaped environment. Situated just 100 metres from Perivale Underground Station and within half a mile of the A40, Perivale Park provides its diverse tenant mix with enviable access to Central London and the M25.
Chris Taylor, Head of Private Markets, International at Federated Hermes, said: “Since purchasing the scheme, we have carried out extensive improvement works at Perivale Park to deliver modern industrial and warehouse units that have shaped the thriving scheme.
“Investment into improving amenities at the now fully-let park, including its landscaped environment, high level of security, and recently submitted planning application for an on-site café – as well as the scheme’s excellent road and Tube access to central London – gives the scheme a unique edge that appeals to both occupiers and their employees.
“The disposal marks the end of our successful repositioning of the scheme, with a good return for our investors.”
Alan Holland, Business Unit Director for SEGRO’s Greater London portfolio, said:
“Perivale Park is a perfect fit for SEGRO, sitting adjacent to the A40 and nestled between our core holdings in Greenford and Park Royal. It offers a rare opportunity to build further scale and drive value in an area where we already have considerable expertise and knowledge of the local market and customer base. It also offers medium-term development and redevelopment potential in one of London’s prime, and most supply-constrained, industrial clusters.”
ACRE Capital Real Estate acted on behalf of Federated Hermes. SEGRO was advised by Altus Property Services.
