Funding deal to bring huge JLR global parts centre to Leicestershire
A new 3m sq ft global parts logistics centre for Jaguar Land Rover has taken a major step forward after Intermediate Capital Group (ICG) agreed fund the scheme at Mercia Park in North-West Leicestershire.
The transaction represents Europe’s largest ever single occupier build-to-suit transaction with ICG partnering with developer IM Properties to deliver the scheme on 20-year leases for each of the five units.
The new campus will service 80 countries.
Chris Nichols, head of sale and leaseback at ICG said, “This is a landmark deal by ICG, and the biggest single-occupier logistics build-to-suit ever undertaken in the Europe. Successfully completing this transaction reflects our ability to source truly mission critical real estate in very competitive spheres.”
“The Fund is actively seeking new mission critical real estate investment opportunities across Europe. We anticipate making additional investments by the end of Q1 2021 by which time we expect to have acquired circa €1 billion of mission critical investments in the UK, Germany, France, the Netherlands, Spain and Northern Europe.”
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.”