Logistics firm invests £5m in second Magna Park unit
Armstrong Logistics has acquired one of the largest units at Magna Park in Lutterworth in a deal worth £5m.
The firm has taken a second warehouse measuring 377,070 sq ft – at an initial investment of more than £5 million – in order to meet the contractual demands of its growing clients.
The investment includes a 15.5 year lease commitment and an initial fit-out valued in excess of £2.5m. The unit also includes a 568-space two-storey car-park and fuel refilling facility.
Finance and commercial director, Marcus Fischer from Armstrong Logistics said: “We’re thrilled to have completed on a second site at Magna Park. This is our fourth site across the UK. We had to act fast on the opportunity at Magna Park, and couldn’t have done it without Jonathan and Ben.
“For us this deal has meant a huge amount to the business – and marks a key point in our 30 year history.”
Shakespeare Martineau advised Armstrong Logistics on the deal.
Commercial real estate expert and legal director at the firm, Jonathan Fear said: “My colleague Ben Darlow and I had to work under a strict timescale, co-ordinating a number of stakeholders to get this deal to completion. A transaction of this nature would typically take between eight and 12 weeks without any hold-ups. We successfully completed this deal in just five weeks, as required by our client.
“This is a significant milestone for Armstrong Logistics and is a positive example of how the retail food logistics sector has met the challenges of lockdown and successfully expanded in spite of the recession. Kudos goes to Armstrong Logistics for this fantastic achievement.”
