Kennedy Wilson buys £93m Essex industrial park
3 Aug 2022 | by Lovelyn Tagalag
The asset provides 956,996 sq ft of commercial space
- What Kennedy Wilson has purchased Horndon Industrial & Logistics Park
- Why The investor seeks to capitalise on the continued rental growth of the markets around the M25
- What next The site will be redeveloped and refurbished
Kennedy Wilson has purchased a 39 acre industrial park in West Horndon, Essex from Federated Hermes for £93m.
Horndon Industrial & Logistics Park provides 956,996 sq ft of commercial accommodation including industrial, open storage and office space. The area comprises 620,466 sq ft of industrial units, 316,961 sq ft of yard space and 19,569 sq ft of offices across the park.
The site is located off the A127 and near the M25. Notable tenants include Commodity Centre Group, Arcese Group and Xpand Logistics.
Kennedy Wilson made the purchase to capitalise on the continued rental growth of the markets around the M25. The investment firm plans to launch a rolling programme of refurbishment and redevelopment for the site.
Kennedy Wilson has bought over 80 urban distribution centres in a joint venture with Singapore’s sovereign wealth fund GIC. Earlier this year, GIC committed a further $1.2bn to the venture, raising the target for their European logistics platform to $2.5bn from an initial target of $1bn.
John Adcock, equity partner at DTRE, said: “This was an exceptional opportunity to acquire a large-scale industrial holding at some of the lowest rents around the whole of the M25. The purchase offers a multitude of immediate asset management opportunities, namely leveraging the strong rental growth trends we have seen in the region and regenerating the park to modernise its offering.”
DTRE advised Kennedy Wilson. TT&G Partners acted on behalf of Federated Hermes.