The Manor Park 360 warehouse in Runcorn has been sold by Gladman to Scottish Widows Investment Partnership for £20m.
Cheshire-based developer Gladman recently agreed a deal with logistics giant Stobart to occupy the entire 367,860 sq ft distribution unit in Runcorn. The shed is part of the 300-acre Manor Park off the Daresbury Expressway.
Scottish Widows manages property assets valued at £4.45bn and has made an energetic return to the market after a quiet spell, notably paying £66m for a retail park in Edinburgh earlier this month. In October, SWIP and Cushman & Wakefield Investors joined forces to create a €500m European city centre retail property fund. SWIP said its investment clients have added £200m to its property funds in the past three months.
King Sturge advised Scottish Widows Investment Partnership. GVA Grimley act for Gladman. All parties in the deal declined to comment.