Thor Equities Sells UK Logistics Portfolio For $415M

Thor Equities' Joseph Sitt (iStock)

Thor Equities’ Joseph Sitt (iStock)

Joseph Sitt’s Thor Equities sold its logistics portfolio in the United Kingdom for £303 million, or about $415 million. The sale price appears to be about $85 million more than what Thor paid less than two years ago.

The portfolio consists of seven warehouses in the Daventry International Rail Freight Terminal (DIRFT), Daventry; Grove Park, Leicester; The Duke, Burton-on-Trent; Magna Park, Lutterworth; Warth Park, Raunds; Rye Park, Hoddesdon; and Hams Hall, Coleshill.

Thor, in partnership with Morgan Stanley, acquired the total 2.1 million-square-foot portfolio in December 2019 for about £241 million, or about $330 million, according to IPE Real Assets.

Tenants in the portfolio include DHL, British Gas, Clipper Logistics, Sainsburys, Beko and DSV. The property is fully occupied except for the Magna Park location, a property which Thor says is generating interest from prospective tenants.

“We are thrilled to have taken advantage of the market to complete this transaction at a time when demand is unprecedented for industrial properties, especially this ideally located logistics portfolio of warehouse assets in the U.K.,” Sitt said in a statement.

Fueled by the rising popularity of online shopping, industrial real estate has been one of a few bright spots in the pandemic-ravaged market. Thor, which has been having a tough time with its retail holdings, also benefited from the logistics boom by leasing Amazon 312,000 square feet at a Red Hook, Brooklyn, warehouse.

Read More: Thor Equities Sells UK Logistics Portfolio For $415M

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