Icon Industrial completes £160m deal for Harlow scheme
Business / Mon 11th Apr 2022 am30 11:22am
ICON Industrial – a strategic joint venture between Stoford and TPG Real Estate – has announced the £160 million sale of four logistics assets at its Icon Harlow scheme.
Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has acquired the newly built Grade A freehold assets, which total 370,000 sq ft.
The deal follows the recent completion and letting of the final phase of development to Wincanton Holdings Limited on a new 10 year lease shortly after practical completion.
Phase two at Icon Harlow has delivered almost 200,000 sq ft of additional Grade A warehouse accommodation into the London-Stansted-Cambridge corridor. It includes Unit E, a speculatively developed warehouse of 112,361 sq ft and a bespoke last mile distribution unit of c.86,000 sq ft, developed on behalf of Amazon.
Icon Harlow is notable for its enhanced sustainable features, including PV arrays and EV car charging provision, with BREEAM “Very Good” ratings across the scheme.
Angus Huntley, Director at Stoford, said: “We are very pleased to have completed the successful sale of four highly specified logistics units at Icon Harlow. Icon Industrial has significantly invested in repositioning the site since its acquisition in 2018, by demolishing the existing buildings and speculatively developing three new units. The final unit was developed as a pre-let design and build for Amazon. We have asset managed the scheme throughout to ensure that the site has remained operational for the existing tenants. The sale represents the completion of our business plan which was achieved in just over four years from start to finish”
Michiel Celis, Business Unit Partner with TPG Real Estate, said: “We, alongside our partner Stoford, acquired the site in 2018 and successfully developed this prime logistics park on time and on budget. The buildings all have strong ESG credentials and are fully let on long leases to a roster of high-quality tenants, including Amazon and Wincanton. We have been very pleased with the excellent work from our partners at Stoford, and we wish KKR and Mirastar success in the future.”
DTRE and Gateley advised on the sale on behalf of Icon Industrial. Gerald Eve and Osborne Clarke advised the Purchaser.
Wincanton were represented by Chadwick McRae
£160 million !!!!!!! and how much are the poor residents who have had huge warehouses built almost in their back gardens getting. Uh nothing. Let’s just walk all over the little people as long as we can make a profit.
More heavy lorries. More Potholes. Just what we need.
I'm guessing you won't be ordering from amazon ever again
These companies will probably employ 10 people on minimum wage between them. No decent jobs for local people, but lots of money for already rich people and companies with no affiliation to the Harlow area.
I would like to warn other towns that stoford may encounter It’s only about money with them The damage they have left for the people of Katherine’s is tragic
What's even more tragic is that Conservative Councillors took their eyes off the ball when this Planning Application came before them and that the Labour candidate in this Ward chaired the Development Control Committee which agreed the application. This site should have been used for building new homes, close to the new research centre. I am afraid this is what happens when Councillors get presented with agendas hundreds of pages long, to long to look at in detail and things are rushed through without proper scrutiny.