Real Estate Leaders Achieve Strong Profit on Prime UK Warehouse Portfolio
London, February 5, 2020 – Thor Equities Group, a leader in urban real estate development, leasing and management, in partnership with a fund advised by Morgan Stanley Real Estate Investing, has closed on the sale of the Tudor Portfolio to BGO for £303M, company executives announced today.
Thor and Morgan Stanley acquired the big box warehouse portfolio over a year ago in December 2019. Comprised of seven standalone logistics properties in DIRFT, Daventry; Grove Park, Leicester; The Duke, Burton-on-Trent and Magna Park, Lutterworth, Warth Park, Raunds; Rye Park, Hoddesdon and Hams Hall, Coleshill, the portfolio totals 2.2-million square feet. Tenants in the portfolio include global shipping companies, DHL, DSV, and Clipper Logistics as well as British Gas, Sainsburys, and Beko.
Joe Sitt, Chairman of Thor Equities Group said, “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. We believe the portfolio’s location as well as its unique tenant mix make this a highly desirable portfolio in the UK industrial market.”
David Hunt-Cuadrado, Managing Director of European Acquisitions of Thor Equities said: “We are proud to have partnered with Morgan Stanley on this strategic investment. The sale of these assets after fourteen months demonstrates the strength of the European industrial market and we look forward to expanding our platform.”
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.