Intermediate Capital Group (ICG) is pleased to announce its agreement to forward fund a new, 2.94 million sq ft global parts logistics centre at Mercia Park located at Junction 11, M42, North-West Leicestershire, constructed by IM Properties and leased to Jaguar Land Rover.
The transaction represents the UK’s largest-ever single occupier build-to-suit transaction with ICG partnering with IM Properties to deliver the scheme on 20-year leases for each of the five units.
The new campus will service 80 countries and be right at the heart of the UK’s Golden Triangle and Jaguar Land Rover’s aftermarket business, enabling it to evolve and grow the company, maintaining its competitiveness in a challenging global marketplace.
Kevin Ashfield, UK Development Director at IM Properties added: “We are delighted to be partnering with ICG and remain committed to delivering this sustainable, high quality, bespoke global logistics centre for Jaguar Land Rover. Infrastructure works are now largely complete, so construction can commence.
“This is great news for the logistics sector, and it is hugely exciting for IM Properties to be involved with a deal of such scale and importance. The units will be completed on a phased basis with the last unit due to complete in September 2022”.
Chris Nichols, Head of Sale and Leaseback said, “This is a landmark acquisition by ICG, and the biggest single-occupier logistics build-to-suit ever undertaken in the UK. Successfully completing this transaction reflects our ability to source truly mission-critical real estate in very competitive spheres.”
“We anticipate making additional investments by the end of Q1 2021 by which time we expect to have invested circa €1 billion GAV into mission-critical investments in the UK, Germany, France, the Netherlands, Spain and Northern Europe.”
“The Fund is actively seeking new mission-critical real estate investment opportunities across Europe.”