Commerz Real has sold a logistics warehouse in the English town of Harlow, to a fund managed by Ares Management for €40.5 mln.
The Frankfurt-based investment management subsidiary of Commerzbank purchased the property in 2008, the year it was completed, for its open-ended real estate fund, hausInvest.
Located between London and Stansted Airport, the property is a specialist distribution centre with ancillary offices comprising 36,200 m2 and was fully leased shortly before the sale to two tenants.
14,200 m2 was leased for 15 years to Industrial Tool Supplies Limited, one of the UK’s largest independent suppliers of power tools. The remaining 22,000 m2 was let for five years to logistics service provider Wincanton.
Commerz Real was advised by Norton Rose Fulbright, Savills and GVA.
