LONDON 24 August 2020 – CBRE Global Investors, on behalf of the CBRE UK Property PAIF, has pre-let 196,178 sq ft cold store facility at West Thurrock in Essex, England to leading recipe box company Gousto, on a 10-year term.
Gousto helps home cooks create meals from scratch, with chef developed recipes, precise ingredients – which means no food waste – and easy to follow recipe cards. Following strong trading from the start of 2020, the business is significantly increasing its capacity and the new facility in West Thurrock is a key part of their expansion programme.
Chillbox, the cold storage warehouse is a temperature-controlled facility and has undergone a major refurbishment including an upgraded Ammonia Glycol chiller plant. There are four individually controlled chiller chambers and the 32 ceiling-mounted coolers ensure each chamber is at a temperature of +1 -3 degree centigrade. The facility also includes a two storey office, welfare suite and ample car parking spaces.
The building is located on the Tunnel Estate which is close to the M25 (J. 30) and the A13 and ideally placed to serve London and the greater south east.
Hannah Marshall, Fund Manager of CBRE UK Property PAIF commented: “In the current climate, cold storage continues to show strong occupational demand and we ensured that our letting campaign primarily addressed this sector of the market. The Funds’ investment into Chillbox has resulted in an excellent letting and provides our investors with secure income on this asset. We’re delighted that Chillbox meets Gousto’s requirements and welcome them to the facility.”
Timo Boldt, CEO and Founder of Gousto commented: “Following strong trading from the start of the year, demand for our meals accelerated as a result of the lockdown and we continue to see record levels of sales, even with the progressive easing of lockdown restrictions.
“As a result, we’re looking to increase our capacity at least threefold by 2022 and this brilliant site in Essex will help us get there.”
Sovereign Centros, DTRE and BNP advised CBRE Global Investors. SBH Shaun Galvin represented Gousto.
– ENDS –
About CBRE UK Property PAIF
CBRE UK Property PAIF is authorised by the Financial Conduct Authority (FCA). This Fund is for professional or qualifying investors who are eligible to invest in a Qualifying Investor Scheme (QIS) within the meaning of the FCA Rules only. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. It is not available to ordinary retail investors. CBRE Global Investors (UK Funds) Limited (authorized and regulated by the FCA) obtained its Alternative Investment Fund Managers Directive (AIFMD) licence from the FCA on 15 July 2014 and is the alternative investment fund manager (AIFM) for the CBRE UK Property PAIF. The FCA granted CBRE Global Investors (UK Funds) Limited an AIFMD marketing passport to market the CBRE UK Property PAIF to professional investors in the following EEA countries: Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden & the United Kingdom”.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $109.6 billion in assets under management* as of June 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
Founded in 2012, Gousto pioneered the recipe box offering in the UK. Founder and CEO Timo Boldt, identified a need for convenient, easy to cook, high quality meals at home that reduced food waste. Timo realised that the optimal solution required a regular delivery service direct to people’s homes with all of the ingredients provided and already measured out, with easy to follow recipe cards.
Gousto has since gone through four funding rounds, raising over £130m from leading investors including Perwyn Private Equity, Canaccord Genuity, Unilever Ventures, BGF, MMC Ventures and Joe Wicks.
Gousto has achieved rapid growth with sales increasing six fold between 2016 and 2019. Gousto’s financial success has been recognised in the Sunday Times Tech Track 100 ranking of Britain’s fastest growing private companies in both 2018 and 2019. In 2020, Gousto was ranked 257 in the FTs list of Europe’s 1,000 fastest growing Companies.