A UK subsidiary of Morgan Stanley Real Estate Investing (MSREI) says it has finally landed a sale leaseback deal that has been on its radar since 2016.
In an example of patience and persistence, Wrenbridge declared it had acquired the prime, 5 acre site in Waltham Cross outside London with a 13-month leaseback to the owner occupier.
Wrenbridge and MSREI will now proceed to deliver a high-quality logistics scheme upon the site of three units totalling 116,000 ft2. A planning application is set for later this year and a start on site in Q2 2022.
Shamik Narotam, MD at MSREI, said: ‘We are excited to explore future opportunities focussed on prime industrial development sites across the South East to serve last mile occupiers.’
Wrenbridge and MSREI were advised by Avison Young and CBRE.
Ben Coles, CEO of Wrenbridge, said the scheme took its total logistics pipeline to over 3 million ft2. The company owns a completed industrial site, Waltham X, just five minutes from the new one.