Bloom Developments and TPG Angelo Gordon bought Poplar Business Park, an industrial estate next to London’s Canary Wharf for £21.5 million (€25 million) from Workspace Group PLC.
The business park is made up of 75,345 square feet of industrial and business space across 29 units, ranging in size from as small as 652 square feet to as big as 11,148 square feet, according to a May 7 Bloom news release. Colt Technology Services Group Ltd., NTL National Networks Ltd., Tower Hamlet Homes Ltd. and 16 other companies are tenants at the business park.
Poplar Business Park is in London Docklands next to Canary Wharf and London City Airport. Althought the park has plans for 222 homes and some commercial space, Bloom and TPG intend to keep the park an industrial estate.
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”.
The park is the seventh acquisition Bloom and TPG’s joint venture have done since 2021.
Acre Capital Real Estate advised Bloom and TPG Angelo Gordon, and CBRE Group Inc. advised Workspace Group on the deal.