ProLogis has purchased one of the most sought after industrial property portfolios in the country.

The US shed giant confirmed this morning it had purchased Severn Trent Property in a deal believed to be worth more than £70m.

The deal for the subsidiary of utility company Severn Trent, includes more than 3.5m sq ft (330,000 sq m) of industrial development in the East and West Midlands. Prologis beat competition from Gazeley, Rosemound and HelioSlogh from the final round of bidders.

It is believed to have paid £10m more than the next underbidder.

The announcement marks the end of a high-profile bidding war for the most popular industrial portfolios to come to the market so far this year.

The portfolio includes 131-acres (53ha) at Daventry International Rail Freight Terminal, the 84-acre (34ha) Midpoint Park near Birmingham and the 26-acre (10ha) Cotton Park.

Jones Lang LaSalle Corporate finance advised Severn Trent on the sale.