Invesco & LCP launch €288m Thamesmead logistics park

Invesco Real Estate and Logistics Capital Partners (LCP) are teaming up in a £250 mln (€288 mln) joint venture to develop a new logistics park in Thamesmead, London. 

Logistics

This project will transform a 67-acre site in southeast London into a 74,322 m2 industrial and logistics hub.
Working with previous owner Peabody Trust and the London Borough of Bexley, the partnership aims to create up to 1,500 jobs. 
The development will prioritize sustainability, targeting a BREEAM 'Excellent' certification, an EPC 'A+' energy rating, and on-site renewable energy generation to meet UK Net Zero Carbon Building Standards.
Toby Simon, managing director – fund management at Invesco Real Estate, said: “We’re delighted to have secured this latest scheme for our portfolio and to be working with a high-calibre partner such as LCP with whom we have a long-standing relationship. Early access to this prime site provides for an attractive premium for the risk, which, upon stabilisation, we believe is set to deliver strong, durable growth income for our investors.”
Co-founder & managing partner of LCP, James Markby, added: “This major London site acquisition, and planned phased development, is perfectly timed at this stage of the market cycle. It will deliver much-needed high-quality development to the largest city in Europe, in combination with exceptional long-term value creation to our shareholders and Invesco Real Estate’s investors. It’s been a pleasure to see our involvement and alignment with Invesco continue to grow into new areas across their value-add series and now their flagship pan-European strategy. It’s an exciting time and testament to the ability of our entrepreneurial teams.”