IM Properties sells unbuilt Euro Car Parts warehouse for £81m

THE strength of the regional property investment market has been underlined by the news that M&G Real Estate is to buy a 777,929 sq ft distribution warehouse before it is built.

Reports in the property press have revealed that it is buying the ‘big shed’ at Birch Coppice Business Park, near Tamworth, from IM Properties for £81m.

The facility is to be used by car parts distributor Euro Car Parts as a distribution hub. On completion the firm will take a 20-year lease at an annual rent of £4.278m pa.

CoStar News revealed the purchase was made on behalf of the M&G Property Portfolio.

It quotes Andrew Windle, associate director logistics and industrial at M&G Real Estate, as saying: “There is very strong investor demand for new, prime distribution assets in the Midlands. This will be a prime development in a core location and is reflective of the fact we are currently seeing more relative value in longer dated prime assets.”

Savills acted for M&G Real Estate and IM Properties was represented by CBRE.

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