US firm Prologis buys major stake at Colnbrook Lakeside
US-owned landlord and developer Prologis has bought a 171,500 sq ft terrace at Colnbrook Lakeside Industrial Estate.
While Colnbrook’s High Street declines further with the impending closure of the Post Office, logistics businesses continue to prosper with reports of another major deal for local warehouse space.
The move comes just weeks after Prologis revealed plans to build two speculative warehouses of 102,900 sq ft and 36,270 sq ft at Heathrow.
The latest deal sees Prologis take control of a terrace comprising four refurbished units from SWIP Property Trust and Centurion Properties. The units are fully let to DX Network Services and Tourvest Duty Free (UK).
Kerri Hunter, deputy manager, SWIP Property Trust, commented:
“When we bought Colnbrook, it was part vacant with some short term income. Since then we’ve refurbished it and secured a strong letting which has attracted a lot of interest from investors.”
Andrew Griffiths, managing director, Prologis UK, said:
“The acquisition at Lakeside Industrial Estate is in line with our strategy to invest in prime locations across London and the South East. This is a well-let property on an infill site in a highly supply-constrained market and we are delighted to add it to our portfolio.”
Prologis owns and manages approximately 20 million square feet of logistics and distribution space in the UK as of 31st March, 2014.