Bloom and TPG Angelo Gordon’s UK industrial real estate investment partnership has acquired Poplar Business Park in east London from Workspace Group.
The partnership has bought the 75,345sqft multi-let industrial estate in London Docklands for £21.5m (€25m).
Despite approval to build 222 homes and commercial space on the 2.4-acre site, the partnership intends to keep the site as an industrial estate and focus on renovations to improve the property’s energy efficiency, the companies said.
The deal represents the seventh transaction in London for the Bloom and TPG Angelo Gordon partnership which was created in 2021. The venture’s six other London assets are located in Brixton, Greenwich, Hackney, Fulham, Camberwell, and Park Royal.
Tom Davies, co-founder and managing partner of Bloom, said: “Poplar Business Park is another fantastic addition to our portfolio, giving us a prime, highly-reversionary asset in inner east London. The acquisition aligns with our strategy to provide well-designed, sustainable, and modern units in supply-constrained inner London sub-markets.”
Sam McGirr, co-founder and managing partner of Bloom, said: “Our seventh ultra-urban project in London aims to support the changing needs of businesses and consumers, who are seeking speed and convenience.
”We are committed to helping address the need for highly sustainable warehouse space in London, which has become increasingly important but is currently severely lacking.”
Mike Diana, managing director, Europe real estate at TPG Angelo Gordon, said: “We are very excited to add another asset to a portfolio that we believe is amongst the highest quality of its kind in Europe.
”We’ve seen robust tenant interest in industrial space and look forward to continuing to meet the high demand for these types of facilities moving ahead.”
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