GE Real Estate has bought a former chocolate factory in Croydon to develop a £20m industrial scheme on the site with Teesland IDG.
GE is now planning a 123,000 sq ft industrial and trade counter scheme on the site, which used to be a Paynes Poppetts factory.
The scheme is the first to be developed by the partnership of GE Real Estate and Teesland. Work will begin in January 2008 and is scheduled for completion in September 2008.
GE Real Estate managing director Michael Rowan said the company saw considerable potential for value creation in the scheme and wanted to increase its exposure to the sector.