Morston Assets has sold its Kings Lynn industrial park to the German-owned Palm Group.
Palm will use the 125 acre site – which was formerly a sugar beet factory – to create a £330m paper mill.
Tom Harrison, chief executive of Morston Assets, said: ‘This is the single biggest economic investment in Kings Lynn for decades. Palm Paper will invest in state of the art technology to provide the best paper mill in the country.’
At the same time, Morston also acquired an adjoining 40 acre employment site and are in talks to relocate tenants who will be displaced by the paper mill.
It has also bought the 660,000 sq ft Hardwick Cold Store in Kings Lynn from ProLogis. The property is occupied by the Belgian food processing company Pinguin BV. Morston plans to work with tenants to refurbish the plant.