The logistics arm of Blackstone-owned UK property developer St Modwen has added a 561,400sqft warehouse portfolio to its assets with the acquisition of properties in Burton upon Trent and Coventry.
St Modwen Logistics has acquired a 381,000sqft unit at the Centrum West Logistics Park in Burton upon Trent occupied by freight company Palletforce. St Modwen Logistics has also bought a 180,400sqft distribution unit located in Middlemarch, in Coventry occupied by Palletline.
Financial details were undisclosed.
The latest deals expand St Modwen’s logistics platform, which has acquired more than 1m sqft of space over the past six months.
Oliver Smith, senior investment manager at St Modwen Logistics said: “These facilities in Coventry and Burton upon Trent present a rare opportunity to acquire prime warehouse units in the logistics ‘golden triangle’ and are part of the wider vital national infrastructure that are fundamental to supply chains.
“Alongside our ongoing development programme, they will meet the strong demand for high-quality developments, allowing our customers to run and grow their businesses while helping them achieve their ESG ambitions.”
Smith said the company remains committed to expanding its footprint in the UK’s core logistics locations and is well-placed to capitalise on market opportunities.
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet