Valor Real Estate Partners has acquired two logistics sites in the south of England, from Aviva and Aberdeen Standard Investments, on behalf of its clients.

Valor would not comment on the price paid for the assets, but sources close to the company have suggested a combined price of £30m.
The first acquisition, from Aberdeen Standard Investments, comprises 70,000 sq ft of fully-let, prime logistics units in Crawley, Sussex split across two units let to DPD and Fray & Sons respectively, both on long term leases. The site is situated close to Gatwick Airport with good access to south London.

The second acquisition, from Aviva, also covers two logistics units, of 55,000 sq ft in Ashford, Kent. Both units are currently let to Geodis until 2020, with a break option in 2019. Once the units become vacant, Valor has committed to undertake work to reposition the asset to create a Class A logistics facility.

Christian Jamison, managing partner of Valor, said: “I am pleased to announce two further acquisitions on behalf of VIP1. Both underline VIP1’s strategy of investing in high quality assets with strong fundamentals, in preeminent logistics locations with excellent access to key urban centres and transport hubs.

“Furthermore, both assets are currently let below current estimated market rental values, representing an opportunity to capture significant reversion. They are also likely to continue to benefit from rising rental rates, as a result of constrained supply and rising demand in these locations and the surrounding areas.”

On the Crawley acquisition, Montagu Evans represented Valor and DTRE represented the seller. On the Ashford acquisition, Savills represented Valor and Joiner Cummings represented the seller.