Aviva investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has completed a deal to fund the development of a high-specification distribution unit at Omega Business Park in Warrington, in north west England.
Aviva Investors will provide £90 million of forward funding for the cross-docking unit, which is set within a site totalling more than 24 acres and will provide over 505,000 sq ft of gross internal floorspace alongside capacity for 104 HGV docking bays.
The site has been pre-let to Iceland Foods Ltd on a 20-year lease, making it the company’s largest distribution centre in the UK, serving the north of England, north Midlands and Wales.
The deal follows an announcement last month that Aviva Investors had successfully completed the letting of a 133,000 sq ft unit at Swan Valley Industrial Park in Northamptonshire, following a speculative development which reached practical completion in July.
Conveniently located to take advantage of transport networks including the M6 and M62 motorways and sitting equidistant from both Liverpool and Manchester, Omega Business Park is one of the largest distribution parks in north west England, comprising 575 acres of land. Once fully developed, it is expected to provide approximately five million sq ft of logistics units.
James Stevens, Head of Real Estate Investment at Aviva Investors, said:
“We are pleased to complete a deal which extends our programme of development across the UK, particularly on a high-specification asset in one of the country’s strongest logistics locations. The credentials and partnership with a high-quality developer and leading occupier serving an essential sector of the economy, give us confidence that it will deliver strong sustainable income returns over the long-term.”
Mason Owen acted on behalf of Aviva Investors.
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