Icon Industrial, a joint venture between TPG Real Estate and Stoford Developments, has bought 45 acres of land at Global Logistics, the development zone at Airport City Manchester with the potential to deliver 1m sq ft of warehouses.
The completion of the Global Logistics deal, for an undisclosed sum, now means that 75 acres of a total 130 acres across Airport City Manchester has been sold by the joint venture partners, Manchester Airports Group, Beijing Construction Engineering Group, Carillion and Greater Manchester Property Fund, since 2014.
Lynda Shillaw, MAG Property chief executive, said: “The sale of 45 acres at Global Logistics is a significant milestone and builds upon the £30m of investment made by the joint venture to date. Airport City Manchester is a really exciting location for occupiers, located at the southern growth node of the region, an already well-established business location alongside the Manchester Airport campus. This transaction comes at an exciting time for the Airport City Manchester joint venture as momentum is building around the first new offices and hotels planned to start on site.”
Global Logistics benefits from outline planning permission for 952,000 sq ft of lettable logistics space, which will now be built out, with a total development value of £100m.
Occupiers at Global Logistics include Amazon and DHL.
In the past 18 months at Global Logistics, the DHL Global Logistics facility was sold by MAG Property for £7.68m to HPPUT, and Amazon’s 654,000 sq ft fulfilment centre was acquired by German investor Hansainvest from Mountpark for a reported £34.8m, achieving a yield of 4.5%.
In addition, the Airport City Manchester Joint Venture also delivered ALPHA, a 130,000 sq ft logistics facility, which was sold to GMPF for £12.2m at the end of 2016.
CBRE, JLL, Eversheds Sutherland and Slaughter & May advised Airport City Manchester. Stoford and Gateley advised the purchaser.