Real estate firm Kennedy Wilson has acquired 186,000sq ft of open storage space in Croydon that it intends to upgrade and lease to logistics and fleet operators.
Backed with a £11.3m loan from Investec Bank, the acquisition of the 4.6-acre site in Horatius Way is situated in one of South London’s most important logistics and industrial hubs.
Kennedy Wilson said it wanted to undertake capital works of the plot, including improvements to surfacing, security, utilities and subdivision.
Joe Taylder, Kennedy Wilson director, said: “Investec’s support has been instrumental in enabling the acquisition and repositioning of Horatius Way.
“Their understanding of the industrial open storage sector and collaborative approach to structuring the facility has provided us with the flexibility and certainty required to progress our investment strategy.”
Investec said industrial open storage had emerged as a core sub-sector within the wider logistics market, underpinned by e-commerce growth, last-mile delivery requirements and the electrification of commercial vehicle fleets.
