US sale and leaseback specialist WP Carey has announced the acquisition of a 100,000-m2 Class-A logistics facility in the UK for £141 mln (€163 mln), including transaction fees.
Located in Solihull, UK, the facility was developed by Prologis and is leased for a term of 30 years to luxury car manufacturer Jaguar Land Rover with inflation-based rent escalations. The brand-new structure boasts a BREEAM “Very Good” environmental rating and is located adjacent to Jaguar Land Rover’s largest UK manufacturing plant. The car group is also making significant investments into automation and fit-out of the facility.
‘We are thrilled to build on our year-to-date acquisition momentum and add another high-quality logistics asset to our portfolio. Since opening our London office in 1998 and completing our first investment in the U.K. in 1999, we have continued to grow our market expertise and reputation as a reliable partner for companies and developers alike,’ said Gino Sabatini, head of Investments, W. P. Carey.
Alan Sarjant, senior vice president, Capital Deployment & Leasing, Prologis U.K. said: ‘Working with our customers to find the best outcome for their current and future business ambitions is an important part of what we do and today’s announcement marks the culmination of a customer-led development project designed to deliver long-term benefits for Jaguar Land Rover.’
