Joe Sitt’s Thor Equities Group and Morgan Stanley Real Estate Investing. have agreed to sell a portfolio of UK-based big box warehouses to BentallGreenOak for $415 million.
The portfolio is comprised of seven stand-alone big box warehouses with a total floor space of 2.1 million square feet.
Thor partnered with a fund advised by Morgan Stanley Real Estate Investing to acquire what was then called the Tudor Portfolio from SEGRO for $329 million in 2019.
The portfolio’s assets are located in DIRFT, Daventry; Grove Park, Leicester; The Duke, Burton-on-Trent; Magna Park, Lutterworth (pictured top); Warth Park, Raunds; Rye Park, Hoddesdon and Hams Hall, Coleshill. Tenants include DHL, British Gas, Clipper Logistics, Sainsburys, Beko and DSV.
The only vacant asset in the portfolio, MP411, has been newly refurbished and is located in Magna Park, Europe’s largest dedicated logistics park.
“We were fortunate to have exchanged on this transaction at the height of demand for well-located industrial and logistic assets in major European markets to support the rising e-commerce demand for the region,” commented Sitt.
“We believe the portfolio’s location as well as its unique tenant mix make this a highly desirable portfolio in the UK industrial market.”
BentallGreenOak, a global investment platform with offices in NYC, London, Toronto and Tokyo, has been following a strategy of acquiring or developinghigh quality logistics assets in core, proven locations that will benefit from the continued growth in occupational demand, fueled by further ecommerce activity.
Morgan Stanley Real Estate Investing was advised by CBRE and BCLP, BentallGreenOak by JLL and Taylor Wessing.