The deal marks Cromwell European Real Estate Investment Trust’s first UK acquisition.
Previously owned by Canmoor, the 220,000 sq ft site is in the Kingsland Grange Industrial. It is made up of 105,000 sq ft of floor area divided between two warehouses. There are 86 parking spaces, with three dock-level and 14 floor-level loading doors.
Built in the 1980s, the logistics hub had recently undergone a large-scale refurbishment.
According to CEREIT, the property has a 5.6% net operating income.
Currently, the spot is occupied by Panther Warehousing on a ten-year lease.
Cromwell Property Group, CEREIT’s sponsor, plans to add value to the location by lifting the ceiling span height of one of the two warehouses on site.
Nathan Jansen, the real estate partner for the international law firm CMS, advised Cromwell on the deal. CMS lawyers Kristina Middleton and David Taylor also assisted.
CEREIT is a pan-European real estate investment trust that owns a portfolio of 109 properties across Europe and the United Kingdom. Its developments are valued at nearly £2bn. CEREIT is managed by Cromwell EREIT Management, a subsidiary of Cromwell Property Group.