Urban real estate developer and investor Thor Equities has launched ThorLogis, a division specialising in the logistics sector.
The announcement comes in conjunction with the acquisition of an industrial property in The Netherlands, as well as the appointment of managing director of Europe and head of logistics acquisitions, David Hunt-Cuadrado.
Financial details were not disclosed.
The platform's first transaction comprises a standing asset, Meer & Duin 1, located south of Amsterdam in Lisse, the country's flower-growing region. The warehouse property totals 400,000 ft2 (37,100 m2) and is occupied by Bakker.com, a flower distributor.
'Thor has a robust retail, office, and hospitality portfolio, however Thor’s second transaction involved a 388,000 square foot ground up logistics development in Dayton, New Jersey,' said chairman and CEO, Joseph Sitt.
'We are thrilled the time has come to return to our roots in the dynamic logistics sector. We recognise the vast appetite retailers have for industrial space and have decided the time is right to launch ThorLogis, a division designed to focus exclusively on logistics,' Sitt added.
Leading the division is newly appointed managing director of Europe and head of logistics acquisitions, David Hunt-Cuadrado. He was previously a European director with Blackstone’s European logistics platform, Logicor.
Hunt-Cuadrado will be supported by newly appointed vice president of acquisitions, Sam Brassington. Both are headquartered in Thor's London office.
The announcement follows Thor's recent launch of a Life Sciences division, as it looks to diversify further away from retail real estate, in the face of rising vacancies and falling rents.
The firm recently cancelled plans to build an office campus in Brooklyn in favour of a last-mile warehouse, and said it had been exploring European logistics opportunities.
'Logistics benefits from the same fundamentals associated with traditional retail, a sector Thor is deeply steeped in,' said Hunt-Cuadrado. 'With a pipeline of several assets in strategic logistics hubs across Europe, I look forward to expanding Thor’s presence overseas and creating a bespoke logistics portfolio in the form of ThorLogis.'
