Thor Equities unloads UK logistics portfolio for $415M

Seven warehouses were sold for $85M more than Joe Sitt’s firm paid

New York /
Jan.January 30, 2021 07:00 AM
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.

The sale takes advantage of the hot industrial market as logistics companies and internet retailers such as Amazon seek warehouse assets to get online orders into customers’ hands ever faster. The proceeds may also help Thor deal with pressure from the struggles of other real estate sectors, such as brick-and-mortar retail.

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.





    Related Articles

    arrow_forward_ios
    FSA Capital’s Benjamin Clyburn and 133-09 37th Avenue in Flushing (Google Maps, Breaking Ground, Getty)
    Brian Pun’s FSA Capital plans 173K sf project in Flushing
    Brian Pun’s FSA Capital plans 173K sf project in Flushing
    Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
    Hedge fund finds 283K sf at Two Manhattan West
    Hedge fund finds 283K sf at Two Manhattan West
    Savills' Nick Farmakis with 655 and 767 Third Avenue (Loopnet, Getty, Savills)
    Third Avenue: The land of “leave-behind”
    Third Avenue: The land of “leave-behind”
    (Getty)
    Zoning, infrastructure limits are squeezing US land supply
    Zoning, infrastructure limits are squeezing US land supply
    From left: Kerber’s Farm's Nick Voulgaris and Jamestown Properties' Michael Phillips along with 801-803 Greenwich Street (Getty Images, Jamestown Properties, LoopNet)
    Long Island farmer turns his pitchfork on Jamestown
    Long Island farmer turns his pitchfork on Jamestown
    An illustration of the Night King from Game of Thrones (Getty, Night King courtesy of HBO via WarnerMedia)
    Winter is coming: Landlords face brutal heating season
    Winter is coming: Landlords face brutal heating season
    53 Sonrise Place in Fellsmere, FL and Starwood Capital Group chairman Barry Sternlicht (Google Maps, Illustration by The Real Deal with Getty)
    Starwood snaps up Florida affordable housing portfolio
    Starwood snaps up Florida affordable housing portfolio
    Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
    New Orleans Four Seasons lands $315M loan from Madison Realty Capital
    New Orleans Four Seasons lands $315M loan from Madison Realty Capital
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...