April 25, 2014
The BlackRock UK Property Fund has acquired the Circular Point site in Highams Park, Chingford, and will fund the speculative development of a 100,000 square feet trade counter and warehouse scheme.
The site has been acquired from Wrenbridge and Palmer Capital who will continue in their role as developer of the site. The development will provide ten units ranging from 2,700 square feet to 41,400 square feet and will be available for occupation by November 2014. Smith Young Real Estate, Glenny and CBRE have been appointed as joint letting agents.
Paul Tebbit, a Portfolio Manager for the BlackRock UK Property Fund, said: “Circular Point provides the fund with a rare opportunity to access grade A industrial investment stock in Greater London, and brings new space to the market at a time when the North East London supply is limited and demand is growing as the UK economic recovery gathers momentum. We are looking forward to working with Wrenbridge to deliver an excellent product at the right moment in the development cycle.”
Jeff Wilson, Director at Wrenbridge commented: “Having bought the site a couple of years ago and overseen the planning and tender process we are delighted to be on site delivering a top quality product which we hope will be an enormous success for BlackRock.”
BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over $23 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia-Pacific, Europe and the US. Investment structures include commingled funds, co-investments, joint ventures and customised separate accounts.