Delin Property, the fully integrated European logistics warehouse specialist, has formed a joint venture with Kuwait Financial Centre (Markaz) to target value-added opportunities in the logistics sector.
The joint venture has completed its first acquisition, in Kent, England, and will undertake an extensive refurbishment to create a class A distribution center ideally suited to serving London and Southeast England.
The joint venture has acquired a 200,000-square-foot warehouse on the Colebrook Industrial Estate, Royal Tunbridge Wells, that has been vacated by former owner M&S. Delin Property will oversee a full refurbishment program that will enhance the environmental credentials. The total investment will be around £27 million ($34 million), covering the acquisition of the 9.8-acre site and the capital expenditure costs of the refurbishment.
Raffi Killian, Delin Property’s head of investments, said, “This is an excellent start for our partnership with
