A joint venture consisting of Peloton Real Estate and Moorfield Group, the U.K.-focused real estate investment manager, has acquired an open-storage portfolio consisting of four sites in Newport, Peterborough, Preston and Tewkesbury.
The 37-acre portfolio was acquired for £26 million ($33 million). All of the sites are leased to BCA, the United Kingdom’s largest used vehicle marketplace.
Open storage is a fast-growing real estate subsector in the United Kingdom. Occupier demand is being driven by HGV, van and private car parking; recycling; storage of building materials, containers and scaffolding; and potential for electric vehicle charging.
The joint venture, which was established in 2022, has plans to aggregate an initial £100 million ($125 million) portfolio of open-storage assets throughout the United Kingdom and grow the portfolio beyond that target, with a continued focus on assembling a geographically and occupationally diverse portfolio of sites.
