Marchmont Investment Management, advised by Glenny, has acquired 35,000 sq ft of warehouse accommodation at the Euro Court urban logistics park in Thurrock, Essex, from MG Cosgrove in a major off-market deal.
Marchmont’s acquisition comprises three mid-sized industrial units, which are occupied by existing tenants – PPB, an independently-owned distributor; Bobcat Company, a construction equipment manufacturer; and bus designers and manufacturers, Optare PLC. New lease terms were agreed.
Cameron Fraser, Director at Marchmont, said: “This off-market acquisition is firmly aligned with our belief that there is demand for logistics units of this type, fulfilling the ‘last mile’ delivery and servicing the Greater London population, will continue to provide an excellent platform for growth.”
Daniel Wink, Senior Associate at Glenny, said: “This strategic location has seen significant rental growth in recent years, which made it an excellent investment option for Marchmont. The estate’s locality is also further strengthened by the forthcoming Lower Thames Crossing, which will see it mature in value in the years to come.”