TH Real Estate acquires regional industrial scheme for €14.70m (GB)

TH Real Estate acquires UK logistics scheme for €14.70m

Wrenbridge, acting on behalf of Palmer Capital Development Fund IV, a programmatic venture between clients of CBRE Global Investment Partners and Palmer Capital, has successfully forward-sold their 53,000ft² speculative development Centron at Crawley to TH Real Estate for €14.70m (£13.25m). Stonehill Partners acted for Wrenbridge and JLL acted for TH Real Estate.

 

The asset is situated in one of the South East’s most established industrial areas and is located 5 minutes from Gatwick Airport and in close proximity to both the M23 and M25. Centron is currently under construction and due to be practically completed by the end of December 2018. The scheme will include two semi-detached Grade A industrial units and will be built to BREEAM Excellent standard.

 

Ewen McLeod, Director at Wrenbridge commented: “We are delighted to have secured an exit to Hendersons and our focus will now be to ensure delivery by the end of the year and provide technical assistance on lettings. We are confident the asset will perform well, offering occupiers an exceptional product in a market characterised by a distinct lack of supply.”

 

Alex Bignell, Region Head of UK, CBRE Global Investment Partners said:“The Centron development represents another success for our clients who continue to support the Palmer Capital Development Fund series. We look forward to funding Wrenbridge and Palmer Capital on further opportunities.”.

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