27 August 2019 – Gazeley, a leading investor and developer of logistics warehouses and distribution parks, today announces that it is acquiring three logistics warehouses at Panattoni Park, Northampton from Panattoni.
The assets comprise 623,000 SQ FT of space spread across three units. The units were recently let on a 15-year lease to Eddie Stobart and comprise 309,630 SQ FT, 221,570 SQ FT and 92,170 SQ FT. The development has a forward funding structure and is expected to complete in September 2020, with the lease commencing at the same time.
This acquisition provides a compelling opportunity for Gazeley to develop assets of scale in the prime location of Panattoni Park, Northampton. This is further strengthened by the added flexibility provided by three independent units.
The development is well-located on the outskirts of Northampton and adjacent to the M1 motorway. The acquisition complements Gazeley’s existing portfolio in the region with developments in the area including Magna Park Lutterworth, Magna Park Milton Keynes and G-Park Northampton.
The Panattoni Park deal follows the acquisition of a 249,000 SQ FT warehouse at Castlewood Business Park near Nottingham. The warehouse has been leased to Alloga UK Ltd, part of the Walgreen Boots Alliance and was developed by CWG Group. Alloga, a new customer for Gazeley has taken a 20-year lease at the site.
Nick McBain, Investments Director, Gazeley said: “The recent acquisitions in Northampton and Nottingham bring two new customers to the Gazeley portfolio in Eddie Stobart and Alloga, strong brands that add further strength to our diverse customer pool. Gazeley continues to acquire on an opportunistic basis and this transaction will further strengthen our presence in the Midlands area, which is one of the most popular for occupiers. We look forward to working with Eddie Stobart and Alloga in the coming months.”
Savills acted for Gazeley on the Panattoni Park acquisition while Gent Visick acted for Gazeley on the Castlewood Business Park acquisition.