Bloom, TPG Angelo Gordon acquire industrial estate near Canary Wharf for $27m

Bloom, the ultra-urban industrial investor and developer, and TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG, have acquired Poplar Business Park, a prime multi-let industrial estate next to Canary Wharf in east London.

The property was purchased from Workspace Group for £21.5 million ($27 million).

Poplar Business Park comprises 75,345 square feet of industrial and business space across 29 units, ranging in size from 652 square feet to 11,148 square feet. There are 19 tenants, including Colt Technology Services, NTL National Networks, and Tower Hamlet Homes, and the weighted average unexpired lease term is 2.1 years to breaks and 4.4 years to expiries.

Located in London Docklands adjacent to Canary Wharf and London City Airport, Poplar Business Park benefits from transport links via road, rail, underground and air. Furthermore, the estate is located in the borough of Tower Hamlets, which is expected to be one of the larges