Barings, one of the world’s largest diversified real estate investment managers, announces that it has agreed to forward fund a £42.5 million logistics warehouse development with Panattoni in Bolton, Greater Manchester, United Kingdom, on behalf of a core investment strategy.
The project is being delivered on Wingates Industrial Estate, an established logistics and light industrial location, and once completed will comprise c. 358,500 sq ft of new Grade A space across two units. The first unit of 77,800 sq ft has already been pre-let to delivery company, Hermes Parcelnet, on a 15-year lease and will be used as a parcel depot. The second and larger property offers 280,700 sq ft and will be developed speculatively. The entire project is expected to achieve BREEAM “Very Good” certification.
Located in a prominent distribution location one mile from J6 of the M61 motorway, seven miles from the M60/M62 motorway and just 22 miles from Manchester Airport, the development is well positioned to serve the Greater Manchester and the wider North West regions, as well as Yorkshire and the Midlands. The immediate area has already attracted a number of notable occupiers including Amazon, Whistl (formerly TNT) and Aldi.
Source : Barings Real Estate