Intermediate Capital’s real estate arm has acquired the UK headquarters site of domestic appliances firm Whirlpool for £54m (€63m).
ICG Real Estate said it has bought the 78-acre site in Peterborough in a sale and leaseback deal.
Whirlpool, which has occupied the site for more than 60 years, has taken a lease of up tp 25 year.
ICG Real Estate said it expects to develop the surplus land with its development partner Marchmont.
Chad Brown, managing director of sale and leaseback at ICG said: “We intend to bring forward the surplus land for development with our partner Marchmont and look forward to partnering with Whirlpool to support their long-term occupational requirements for the HQ campus.”
Brown said the ICG sale and leaseback fund is actively seeking similar opportunities across Europe alongside traditional long and short let single tenanted mission-critical real estate.
Cameron Fraser, director of Marchmont, said: “Peterborough is one of the fastest-growing cities in the UK and offers fantastic opportunities for the industrial and logistics sector thanks to its excellent road connectivity and strong labour supply.
“We look forward to working with ICG to deliver a highly specified, sustainable logistics estate, with modern facilities and amenities that will utilise the latest innovations in design, construction and energy generation.”
John F Rosenburg, global real estate, global portfolio senior manager at Whirlpool Corporation, said: “The sale of our Peterborough site and entering into a long-term lease obligation is part of a global real estate review.
“This is a common business practice that allows companies to optimise their real estate portfolios.”
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