ProLogis has won the battle to acquire Severn Trent’s property subsidiary

The US industrial specialist is thought to have paid around £70m for the company, which owns a 500-acre (203-ha) development landbank and has planning consent for 3.7m sq ft (343,738 sq m) of logistics space across the UK, including the DIRFT 2.

ProLogis beat off competition from more than a dozen property companies all hoping to land the coveted portfolio, including Gazeley, Rosemound and HelioSlough.

Severn Trent Property is best known for developing the Daventry International Rail Freight Terminal (DIRFT), an enormous rail-connected distribution scheme near junction 18 of the M1. It built around 2.3m sq ft (213,675 sq m) at the 365 acre (148 ha) scheme between 1996 and 2004, before selling the remaining 90 acres (36 ha) of the first phase to a joint venture between British Land and Rosemound.

It includes the 130 acre (53 ha) second phase of DIRFT and the 65 acre (26 ha) Midpoint 2 site near junction 9 of the M42.