Gazeley snaps up Panattoni’s spec sheds
Panattoni has struck a deal to sell three speculatively-built sheds in Northampton to Gazeley.
The logistics warehouses, at Panattoni Park, comprise 623,000 sq ft in total, and are understood to have been sold for more than £80m.
Measuring 309,630 sq ft, 221,570 sq ft and 92,170 sq ft respectively, they were recently let on a 15-year lease to Eddie Stobart.
Panattoni has struck a deal to sell three speculatively-built sheds in Northampton to Gazeley.
The logistics warehouses, at Panattoni Park, comprise 623,000 sq ft in total, and are understood to have been sold for more than £80m.
Measuring 309,630 sq ft, 221,570 sq ft and 92,170 sq ft respectively, they were recently let on a 15-year lease to Eddie Stobart.
The development has a forward-funding structure and is expected to complete in September 2020, with the lease commencing at the same time.
Gazeley’s existing portfolio in the region includes Magna Park Lutterworth, Magna Park Milton Keynes, and G-Park Northampton.
Nick McBain, investments director at 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. We look forward to working with Eddie Stobart and Alloga in the coming months.”
The Panattoni Park deal follows the acquisition of a 249,000 sq ft warehouse at Castlewood Business Park near Nottingham. The warehouse has been leased to Alloga UK, part of the Walgreen Boots Alliance, and was developed by CWG Group.
Alloga, a new customer for Gazeley, has taken a 20-year lease at the site.
Savills acted for Gazeley on the Panattoni Park acquisition, while Gent Visick acted for Gazeley on the Castlewood Business Park acquisition.
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