Valor Real Estate Partners and QuadReal Property Group have launched their €1bn (£880m) joint venture with the purchase of a 144,000 sq ft industrial estate in Barking, East London.

The joint venture – formed to invest more than €1bn in urban logistics in the UK, France and Germany – has bought the six-unit New England Industrial Estate for £42m. The six warehouses range from around 7,000 sq ft to 50,000 sq ft.

Valor said it intends to “reposition the estate as part of its business plan” to deliver assets catering to last-mile logistics operators. Geographically, the jv will mainly ...

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