St. Modwen’s growth plans have been accelerated for its dedicated logistics business with the addition of a £180m portfolio of urban warehouses. The portfolio has been acquired from Argo Real Estate by St. Modwen and shows a commitment to expand its income-generating urban warehouse portfolio and build its presence in Greater London and South East England.
The portfolio will increase St. Modwen’s exposure to urban warehousing and includes seven units in London as well as one in Manchester, totalling 717,000 sq. ft of space. All built or substantially renovated in the last ten years, the average unit size is 23,000 sq ft, with a primary purpose as last mile facilities by a blend of sectors.
Through this investment St. Modwen, which is owned by funds managed by Blackstone builds on the 900,000 sq. ft of logistics space delivered in recent months across five UK logistics parks. Five of those new units are pre-let, feeding into the 72% of the 1.5m sq ft 2021 pipeline that is already pre-let or under offer. St. Modwen has also secured planning permission for more than one million sq ft of space in six locations this year, capitalising on a c. 19m sq ft landbank to deliver big box and urban logistics warehouses.
