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LONDON-Wal-Mart’s property subsidiary Gazeley Properties has formed a joint venture with Morley Fund management to develop a new distribution park on a 20.5-acre site close to junction 25 of the M25 in Waltham Cross, Hertfordshire. Morley has paid £20 million ($32 million) to acquire the site from Esab, which will continue to occupy its existing 420,000-sf facility at the site, paying an annual rent of £1 million ($1.6 million) until the lease expires in December 2004.

The two have recently completed another distribution scheme on the nearby Waltham Point site, and Gazeley Development Director Nick Redwood said: “This is one of the most important sites to come onto the market in the South East of England in recent years and offers a great opportunity.”

Jones Lang LaSalle represented Gazeley, while Fuller Peiser acted for the vendor. Morley was represented by Tudor Toone.

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