Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has completed the forward purchase of the Orpington Gateway development in South East London for a gross development value of £50 million.
The development, which features 150,000 sq ft of 14 multi-let trade and industrial development units of between 4,176 sq ft and 33,565 sq ft, uses energy-saving technologies with the aim of reducing carbon emissions by up to 35 per cent. Set across a 5.9-acre site, the development is 25 per cent pre-let with construction scheduled to complete in June 2019.
Richard Moore, Asset Manager, Aviva Investors, said:
“Located in a significant commercial area for trade, retail and distribution, this is a prime trade and logistics asset in an affluent inner-M25 location, offering our investors strong potential returns. With frontage directly onto one of the major thoroughfares, the development is an attractive asset in a core location and sits well with our real estate strategy for large, high-quality assets in robust economic locations.”
Montagu Evans acted as advisor to Aviva Investors.
Direct Real Estate is a key part of Aviva Investors £43 billion Real Assets platform. David Skinner and Daniel McHugh lead a team of 160 real estate professionals in London, Paris and Frankfurt, managing £20 billion of assets.
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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £348 billion as at 30 June 2018.
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