M&G Real Estate is to forward-fund the £81m construction of Euro Car Parts’ megashed in the Golden Triangle.
The 778,000 sq ft distribution warehouse has been bought from IM Properties at a yield of 5.14%.
IM Properties agreed one of the biggest industrial prelets of 2014 with Euro Car Parts at the 35-acre site.
On completion of the building, the car part distributor will sign a 20-year lease at an annual rent of £4.3m with five yearly RPI linked rent reviews.
Savills acted for M&G Real Estate and CBRE advised IM Properties.