St Modwen acquires 560,000 sq ft of sheds
Two warehouse units comprising 560,000 sq ft have been acquired by St. Modwen Logistics, as it continues with its expansion plans.
The logistics developer and manager has purchased Palletforce’s UK headquarters in Burton-upon-Trent – a 381,000 sq ft unit on the Centrum West Logistics Park. The site is a high-specification cross-docked facility with low site coverage and parking provision for 238 HGV vehicles.
St Modwen Logistics has also acquired a 180,400 sq ft distribution unit located in Middlemarch, three miles south of Coventry city centre, occupied by Palletline.
The facility, which was originally developed in the 1990s, provides office space across two levels as well as parking provision for 90 vehicles and on-site power generation.
The acquisitions support the continuing expansion of St Modwen’s logistics platform, which was acquired by Blackstone in 2022.
Over the last six months, more than one million sq ft of space has been acquired, including assets in Hatfield, Alfreton, Birmingham and Manchester totalling around 400,000 sq ft. In addition, in 2022, the business delivered 2.2m sq ft of developments with leading ESG credentials.
Oliver Smith, senior investment manager at St Modwen Logistics said: “These facilities in Coventry and Burton on Trent present a rare opportunity to acquire prime warehouse units in the logistics ‘golden triangle’ and are part of the wider vital national infrastructure that are fundamental to supply chains.
“Alongside our ongoing development programme, they will meet the strong demand for high quality developments, allowing our customers to run and grow their businesses while helping them achieve their ESG ambitions.
“Both units offer excellent connectivity by road and access to a large logistics workforce, which make them futureproof as distribution hubs and we remain committed to expanding our footprint in the UK’s core logistics locations and are well-placed to capitalise on market opportunities.”
