Commerz Real sells fully-leased logistics warehouse in Harlow
Business / Fri 19th May 2023 at 01:20pm
COMMERZ Real has sold the logistics warehouse DC 380 in Harlow, to a fund managed by Ares Management. The sale price was 40.5 million euros.
Commerz Real purchased the property in 2008, the year it was completed, for its open-ended real estate fund, hausInvest.
Located on Edinburgh Way, the property is a specialist distribution centre with ancillary offices comprising 36,200 square metres and was fully leased shortly before the sale.
The warehouse is let to two tenants. 14,200 square metres was leased for 15 years to Industrial Tool Supplies Limited, one of the UK’s largest independent suppliers of power tools.
The remaining 22,000 square metres was let for five years to the logistics service provider Wincanton.
Commerz Real were advised by Norton Rose Fulbright, Savills and GVA.
The site also has a motor transport workshop for trucks and vans. When I, as part of a team, were testing the electrical installation prior to its opening, I watched a number of contractors taking it in turn to race the cherry picker around the empty warehouse. What little pleasures can do for people!