ProLogis is poised to buy a 65 acre slice of the former Peugeot car factory in Coventry for around £40m
The site in Ryton, Coventry, is being sold by the Barclay brothers, who bought the entire 142 acre site for £60m in March.
The shed giant is about to sign for the land this week, having been one of several underbidders for the original deal.
The 142 acre site was bought by the Barclay brothers’ investment vehicle, Trenport Investments, for £60m in March and is one of the most prized industrial development sites in the Midlands.
The brothers will retain 25 acres at Ryton to house a 200,000 sq ft distribution warehouse for their Littlewoods Home Delivery Network business. The sale of the 65 acre strip has recouped a large amount of the Barclay brothers’ original outlay.
The rest of the land at the former car plant that they will retain is earmarked for residential development.
The site is coveted because it is rare to find so much undeveloped distribution space in this part of the West Midlands.
Underbidders for the 65 acre site included Gazeley, Bericote and Goodman.
One agent familiar with the site said: ‘It’s a great site in an area where there aren’t that many opportunities like this, which would explain why there has been such a lot of interest.’
He added: ‘However, the market is slowing down, which may explain why Barclays are offloading it now.’
Gerald Eve is advising Trenport on the sale. All parties were unavailable for comment.