11 April 2022

Icon Industrial completes £160m deal for Grade A Harlow scheme

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Icon Industrial - a strategic joint venture between Stoford and TPG Real Estate - has announced the £160 million sale of four logistics assets at its Icon Harlow scheme in Essex.  

Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, has acquired the newly built Grade A freehold assets, which total 370,000 sq ft.  

The deal follows the recent completion and letting of the final phase of development to Wincanton Holdings Limited on a new 10 year lease shortly after practical completion.

Phase two at Icon Harlow has delivered almost 200,000 sq ft of additional Grade A warehouse accommodation into the London-Stansted-Cambridge corridor. It includes Unit E, a speculatively developed warehouse of 112,361 sq ft and a bespoke last mile distribution unit of c.86,000 sq ft, developed on behalf of Amazon.  

Icon Harlow is notable for its enhanced sustainable features, including PV arrays and EV car charging provision, with BREEAM “Very Good” ratings across the scheme.

Angus Huntley, Director at Stoford, said: “We are very pleased to have completed the successful sale of four highly specified logistics units at Icon Harlow. Icon Industrial has significantly invested in repositioning the site since its acquisition in 2018, by demolishing the existing buildings and speculatively developing three new units. The final unit was developed as a pre-let design and build for Amazon. We have asset managed the scheme throughout to ensure that the site has remained operational for the existing tenants. The sale represents the completion of our business plan which was achieved in just over four years from start to finish”

Michiel Celis, Business Unit Partner with TPG Real Estate, said: “We, alongside our partner Stoford, acquired the site in 2018 and successfully developed this prime logistics park on time and on budget. The buildings all have strong ESG credentials and are fully let on long leases to a roster of high-quality tenants, including Amazon and Wincanton. We have been very pleased with the excellent work from our partners at Stoford, and we wish KKR and Mirastar success in the future.”

DTRE and Gateley advised on the sale on behalf of Icon Industrial. Gerald Eve and Osborne Clarke advised the Purchaser.  

Wincanton were represented by Chadwick McRae  

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