European logistics firm Delin Property and Kuwait Financial Centre (Markaz) have formed a joint venture to pursue value-add opportunities and have completed their first acquisition in the UK.
The partnership has acquired a 200,000sqft warehouse on the Colebrook Industrial Estate in Royal Tunbridge Wells, Kent, and intends to invest around £27m (€32.6m) to cover the acquisition and refurbishment of the asset.
Raffi Killian, Delin Property’s head of investments, said: “We’re taking a dated asset with low site density in a great location that needs hands-on asset management to meet today’s occupier needs.
“In Markaz we have an ideal JV [joint venture] partner, since it has been running a successful development strategy focused on the European industrial sector for the past seven years.”
Lisa Amin, Markaz’s head of European real estate business development, said: “We’re delighted to be joining forces with Delin Property, which has built a strong track record in value creation in the logistics space over more than a decade.
“This property ticks every box for our investors, with strong occupier demand for this location, given its proximity to London and access into a major artery for cross-Channel freight traffic.”
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