Gazeley strengthens UK presence with 623,000sqft warehouse acquisition
GLP’s Europe platform Gazeley has acquired three logistics warehouses in England’s East Midlands region for an undisclosed sum.
Gazeley said it bought the 623,000sqft warehouses at Panattoni Park, Northampton from Panattoni.
The assets, which are being developed, comprise 309,630sqft, 221,570sqft and 92,170sqft.
The units were recently let on a 15-year lease to Eddie Stobart.
Gazeley said the development has a forward funding structure and is expected to complete in September 2020, with the lease commencing at the same time.
The acquisition complements Gazeley’s existing portfolio in the region with developments in the area including Magna Park Lutterworth, Magna Park Milton Keynes and G-Park Northampton.
Nick McBain, investments director, Gazeley said: “Gazeley continues to acquire on an opportunistic basis and this transaction will further strengthen our presence in the Midlands area, which is one of the most popular for occupiers.”