Asset comprises 165,500 sq ft of high-specification warehouse space in one of London’s most competitive industrial submarkets
St. Modwen, one of the UK’s leading logistics developers and managers, has continued the expansion of its logistics portfolio in London with the £80 million acquisition of Westlands industrial estate, Hayes.
The estate, which comprises three high-specification warehouse units on a 7.2-acre site, is currently fully let to leading global businesses, with logistics company Nippon Express occupying a 125,000 sq ft unit and Attewell Limited, a manufacturer of aerospace equipment, occupying 40,500 sq ft across two units.
Westlands is located in Hayes, one of London’s most established industrial submarkets, and is less than three miles from Heathrow airport. Close to the M4, M25 and M40 interchanges, it provides connectivity to Central London and the UK motorway network. The estate is adjacent to Hayes & Harlington rail station, which benefited from the opening of the Elizabeth Line in June.
The transaction further increases St. Modwen’s exposure to urban warehousing following the £180 million acquisition of a portfolio of eight assets from Argo Real Estate in November 2021. St Modwen, which was acquired by Blackstone in August 2021, is one of the UK’s fastest-growing logistics platforms, with a portfolio comprising 9.5 million sq ft of standing assets and 2.2 million sq ft of new developments targeted for delivery in 2022.
