90 North completes on acquisition of Morrisons Crawley for £42.5million

90 North Real Estate Partners LLP (“90 North”) acting as Property & Investment Advisor and Arzan Wealth (“Arzan”) acting as Strategic Advisor are pleased to confirm the acquisition of 100 High Street, Crawley, on behalf of Moss Property Investment Limited, for £42.5M.

The property is 100% occupied and principally leased to Morrisons and Travelodge. The property has a weighted average unexpired lease term of 15 years.

Located in Crawley town centre, the property was developed by Land Securities and completed in 2014.

Matthew Hills, Partner and Head of UK at 90 North commented:

“The purchase demonstrates the continued demand from our Gulf based clients for high quality income producing assets let to strong tenants in established locations.”

Nick Judd, Founder & Head of Investment at 90 North commented:

“In the face of geopolitical, economic and other headwinds facing the global economy in 2016, our message to investors is a typically British “Keep Calm and Carry On”. Whilst investor sentiment is fragile, demand for well let, modern commercial property in the UK, USA and Europe for the purposes of income generation and protecting wealth is currently undiminished.”

The Vendor was Land Securities. Picton Jones Asset Management advised the purchaser. Edgerley Simpson Howe advised the vendor. Financing was provided by Deutsche Pfandbriefbank.