Delin Partners with Markaz in Value-Add Strategy for Logistics Warehousing

Delin Partners with Markaz in Value-Add Strategy for Logistics Warehousing

• JV’s first investment is a distribution centre in Kent, Southeast England
• Investment of £27 million covers site acquisition and refurbishment works

24th February, 2025 (London) – Delin Property, the fully integrated European logistics
warehouse specialist, has formed a joint venture with Kuwait Financial Centre (“Markaz”)
to target value-add opportunities in the logistics sector. The JV has completed its first
acquisition, in Kent, and will undertake an extensive refurbishment to create a Grade A
distribution centre ideally suited to serving London and Southeast England.

The JV 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 programme which will enhance the environmental credentials.
The total investment will be around 27 million pounds, 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 a excellent start for our
partnership with Markaz. We sourced this asset at an attractive entry price and have a
detailed plan for it, leveraging all our team’s skills. We’re taking a dated asset with low site
density in a great location that needs hands-on asset management to meet today’s occupier
needs. In Markaz we have an ideal JV partner, since it has been running a successful
development strategy focused on the European industrial sector for the past seven years.”

Renovation works are due to commence in the second quarter of 2025. The refurbishment
will include replacing all 24 goods doors, the dock levellers, office windows, all rooflights
and smoke vents. Internally, the works include repairing the warehouse floor, stripping out
and refurbishing the office space, installing new heating and cooling systems, removing all
gas infrastructure and fitting LED lighting throughout.

Lisa Amin, Markaz’s Head of European Real Estate Business Development, said: “We’re
delighted to be joining forces with Delin Property, which has built a strong track record in
value creation in the logistics space over more than a decade. This property ticks every box
for our investors, with strong occupier demand for this location, given its proximity to
London and access onto a major artery for cross-Channel freight traffic. We look forward to
working with the Delin team on more opportunities of this type in the future.”

The Tunbridge Wells property is 35 miles south east of central London and is close to the
A21 and A26 roads, which link to the M25 London orbital motorway and the M20 to the
Channel Tunnel freight terminal at Folkestone and the port of Dover.
Advising the JV on the acquisition were Newmark and CMS. BLME is the lending partner
on the transaction, providing acquisition and development debt. LSH acted for vendor.
Ends

Notes to Editors:

About Delin Property
Delin is a fully integrated specialist in European logistics active today in the UK,
Netherlands and Spain. The Company currently owns and or operates 530,000 square metres
of distribution space across the three markets. For more than a decade the company has been
developing, leasing and managing logistics properties for its own investment or acting for
third party investors, including its Dutch Logistics Fund and Blackstone funds. The
company has ambitious plans to grow its platform through logistics real estate funds, offering
institutional investors access to an attractive asset class in which it has deep expertise. To
find out more about Delin Property, please visit our website https://www.delinproperty.com/

About Kuwait Financial Centre “Markaz”
Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset
management and investment banking institutions in the MENA region with total assets
under management of over KD 1.41 billion (USD 4.57 billion) as of 31 December 2024.
Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered
innovation through the creation of new investment channels. These channels enjoy unique
characteristics and helped Markaz widen investors’ horizons. Examples include Mumtaz (the
first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa
Financial Fund (the first options market maker in the GCC since 2005), and the GCC
Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows
the momentum methodology), all conceptualized, established, and managed by Markaz.

Media contact
Simon Packard
simon.packard@headlionconsulting.com
phone: +44 7701 089844