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Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
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Thor Equities unloads UK logistics portfolio for $415M
Seven warehouses were sold for $85M more than Joe Sitt’s firm paid
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.
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Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
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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.