04 Aug Bloom and Angelo Gordon purchase Park Royal industrial estate

Industrial developer Bloom and investor Angelo Gordon have purchased a prime industrial estate in Park Royal, West London.

The estate was acquired from Schroders Capital for an undisclosed amount.

The freehold estate on Eldon Way is made up of 12 units totalling 30,428 sq ft. 11 of the units are currently let.

The location provides easy access to central London and surrounding areas.

The Park Royal purchase is Bloom’s sixth acquisition with Angelo Gordon since forming a joint venture last year. The pair also purchased another West London site in Fulham.

Tom Davies, co-founder and managing partner of Bloom, said: “Eldon Way is a fantastic addition to our portfolio, giving us important West London coverage.

“The opportunity to acquire a modern, core, multi-let asset in the heart of Park Royal is rare. The occupational market in London remains robust, with severely restricted supply and availability.”

Chris Leek, real estate fund manager at Schroders Capital, added: “The sale of Park Royal Industrial Estate is in line with our strategy to divest out of low-yielding assets once we have completed the business plan to improve the asset’s income profile by driving rental growth at lease events and leasing vacant units.

“The sale reflects a strong profit over and above the current valuation. The characteristics of the occupational market in Park Royal remain strong and we have captured significant rental growth during our hold period that has resulted in sustained outperformance.”