American logistics giant signs deal for 170,000 sq ft unit
American logistics giant Neovia has agreed a five-year deal for a 170,000 sq ft distribution facility in Coventry.
Real estate investor Oxenwood has leased Coventry 170 at Blue Ribbon Park after acquiring it for £8.5m last December through its joint venture with investment partner Catalina Holdings.
It has since refurbished the site, which has now been completed.
Oxenwood Catalina has a £200m war chest targeting the logistics market across the UK and Europe. Last month it bought two sites in Greater Manchester and Leicester from the West Midlands Pension Fund.
Stewart Little, co-founder of Oxenwood, said: “The letting of the Coventry asset within such a short period from purchase supports one of our strategies of buying vacant units to provide flexible and cost-effective accommodation to areas of strong occupier demand.
“We will continue to deploy capital into markets where we have conviction in occupational markets and can create strong income returns to our investors.”
Coventry 170, which used to be known as Godiva 170, is to the north east of the city centre and a mile from junction 3 of the M6.
Neovia is a third-party logistics provider that specialises working with automotive, industrial, aerospace and technology companies.
