Commerz Real has bought a logistics property in Harlow, Essex for in excess of E50m (£39.1m) from Kenmore Capital.

The distribution unit, let to electrical retailer Comet, has been bought for Commerz Real’s HausInvest Europa open-ended property fund – the first logistics property purchase for the fund.

The property comprises a 379,969 sq ft let to Comet’s parent company Kesa Group on a fixed term of 20 years.

The purchase is part of Commerz Real expanding its logistics activities in its institutional fund sector.

Previously it had only invested in logistics properties through its Eurologistik 1 institutional fund.

Hans-Joachim Kühl, member of the board at Commerz Real, said: ‘In the face of the ongoing globalisation and the anticipated increase in haulage volumes worldwide, the market for logistics properties is bound to keep growing.’