Russell-Cooke advises Bloom on the acquisition of an industrial estate near Canary Wharf
Russell-Cooke has advised Bloom on its acquisition of Poplar Business Park, an industrial estate adjacent to Canary Wharf in east London. The site was purchased for £21.5 million from Workspace Group.
This is the seventh acquisition that Russell-Cooke's real estate planning and construction team has acted on since the start of Bloom’s joint venture with TPG Angelo Gordon in 2021. This follows Russell-Cooke advising Bloom in securing a £93 million debt facility for its central London joint venture with Angelo Gordon last year, with debt financing sourced from real estate investment firm Nuveen Real Estate. Bloom is an ultra-urban investor and developer while TPG Angelo Gordon is a privately-held alternative investment firm which focuses primarily on credit and real estate strategies.
Located in London Docklands next to Canary Wharf, Poplar Business Park comprises existing industrial and business space totalling c. 75,345 sq ft across 29 units. The prime multi-let industrial estate is currently let to 19 tenants with a weighted average unexpired lease term of 2.1 years to breaks and 4.4 years to expiries. Bloom and TPG Angelo Gordon plan for Poplar Business Park to remain an industrial estate and undergo refurbishment to enhance the property’s EPC rating to ‘A’, although the 2.4-acre site has planning permission for 222 homes and commercial space.
The Russell-Cooke team that acted on the deal was led by partner Neil Dryer and senior associate (now partner) Katie Cooper and was supported by senior associate Lucy Nichol plus associates Signe Sparne, Sadia Sham, Ilana Cohen and Joe Maloney.
This was a high-value and strategically important acquisition for a longstanding client of the firm with a unique and innovative vision for the estate which sits on the perimeter boundary of the world-famous Canary Wharf. We were thrilled to act for Bloom in the acquisition, as we have done on numerous transactions across their dynamic and expanding portfolio, and to help bring their exciting vision to reality.
Canary Wharf exemplifies the true potential of urban regeneration. The landscape has shifted in recent years in terms of businesses’ office strategies, working patterns, and sustainability requirements. Developers like Bloom, pioneering innovative, mixed-use developments, set an example for the wider market and point to the long-term proposition that Canary Wharf and its surrounding areas continue to present for the London market. This includes attracting high-growth, dynamic start-ups into its flexible office spaces, alongside the big-name players, and providing housing and accommodation for the next generation of city workers valuing ease of access to work and world-class amenities.
Using legal advisors with a notable record of advising on high-value prime locations across London and with commerciality at the forefront has been pivotal as we continuously expand our portfolio. We have engaged Russell-Cooke for all our acquisitions across Brixton, Greenwich, Hackney, Fulham, Camberwell, and Park Royal, as well as our latest addition near Canary Wharf.
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If you would like to speak with a member of the team you can contact our real estate planning and construction solicitors; Holborn office (Email Holborn) +44 (0)20 3826 7523; Kingston office (Email Kingston) +44 (0)20 3826 7518; Putney office (Email Putney) +44 (0)20 3826 7518 or complete our form.
