Tritax London Logistics Fund Acquires Two Greater London Industrial Assets for Over £130 Million, Advised by SBY Real Estate
Tritax London Logistics Fund (TLLF) has completed the acquisition of two industrial and logistics assets in Greater London for a combined consideration of over £130 million, the fund announced Sept. 17. SBY Real Estate advised TLLF on one of the two transactions, the acquisition of AIR Industrial Estate in Heathrow.
Two Assets, Two Submarkets
The acquisitions comprise AIR Industrial Estate, a 162,549-square-foot new-build mid-box estate located on Staines Road, Feltham, in the Heathrow submarket, and Chiltonian Industrial Estate in Lewisham, which spans 114,594 square feet across 26 multi-let industrial units. Existing tenants at Chiltonian include Toolstation and Screwfix.
SBY Real Estate advised TLLF on the AIR Industrial Estate acquisition. ACRE Capital Real Estate advised on the Chiltonian Industrial Estate transaction.
AIR Industrial Estate is arranged across four units. At the time of acquisition, a portion of the estate was pre-let with remaining units being marketed, positioning the asset for income growth through leasing activity. Chiltonian Industrial Estate is an established multi-let estate with a diversified tenant base already in place.
Portfolio Scale and Strategic Momentum
The two deals represent the third and fourth acquisitions TLLF has completed since relaunching its strategy in June 2025. Prior transactions under the relaunched mandate included Communications Park, Heathrow — a 63,804-square-foot multi-let industrial estate acquired in August 2025 — and PR1, Park Royal, a 62,000-square-foot modern unit purchased for £43.9 million in November 2025, marking TLLF's first acquisition in that West London submarket.
In aggregate, TLLF has now deployed over £200 million across four acquisitions since the relaunch, adding more than 400,000 square feet of industrial and logistics space. The fund's portfolio now stands at 22 assets totalling over 2.4 million square feet, with a combined value exceeding £950 million.
"These acquisitions reflect our disciplined strategy to offer investors exposure to Greater London's most resilient industrial and logistics submarkets," said Nick Ireland, Fund Manager for Tritax London Logistics Fund. "Both assets benefit from the significant supply/demand imbalance within the M25 and offer strong rental growth potential. We are excited to build on our positive momentum and further diversify our portfolio as we deliver on our growth ambitions for the Fund."
Strategy: Urban Logistics Within the M25
TLLF is a private REIT structured for institutional investors seeking exposure to Greater London's industrial and logistics sector. The fund targets multi-let industrial estates, last-mile logistics hubs, and strategic mid-box assets within London's M25 orbital road system, with a significant presence in the Heathrow submarket in West London.
The fund was relaunched in June 2025 with a mandate that broadened its original Heathrow-centric focus to encompass London-wide logistics opportunities. At relaunch, TLLF was seeded with 17 assets, approximately 90 percent of which were concentrated in Heathrow and West London. The fund is targeting a doubling in size over three years through development activity, equity raising, and capital recycling.
Institutional capital backing has grown alongside the portfolio. CBRE Investment Management committed £200 million to TLLF on behalf of discretionary vehicles and client mandates. The fund subsequently secured approximately £110 million of additional equity, including £100 million from a global multi-manager on behalf of an Australian superannuation fund.
Asset Management and Sustainability
Both AIR Industrial Estate and Chiltonian Industrial Estate are positioned in supply-constrained urban submarkets where e-commerce growth and last-mile logistics demand continue to underpin occupational activity. TLLF has stated its intention to improve the sustainability credentials at both sites in line with its ambition to achieve BREEAM Excellent ratings across its portfolio.
The fund's broader investment thesis centres on the structural imbalance between industrial real estate supply and demand within the M25, where London's population growth and high e-commerce penetration have sustained occupational demand while new supply has remained limited. The Heathrow and Lewisham acquisitions extend TLLF's geographic reach within Greater London while reinforcing its focus on assets with asset management and reversionary rental growth potential.