Logistics giant acquires 267,000 sq ft distribution hub
St. Modwen Logistics has acquired a 267,000 sq ft logistics unit in Bilston, as it continues to be active in the West Midlands market.
Titan 10 Distribution Centre, which is let to Pallet-Track one of the UK’s fastest-growing palletised freight distribution companies, acts as the company’s central UK hub and handles an average of 8,000 pallets per night and services its distribution network depots.
The site sits in the UK’s logistics ‘golden triangle’, from where 90% of the UK population can be reached within four hours’ drive time.
Over the last few months, Blackstone-owned St. Modwen has completed a flurry of activity, with announcements revealing it will bring forward a 1.2m sq ft multi-phase development at its Meaford scheme, close to Stoke-on-Trent and it acquired 150,000 sq ft of space across four units on Doranda Way Industrial Park, West Bromwich.
James Cooper, head of transactions at St. Modwen Logistics said: “This transaction represents a rare opportunity to acquire a high-specification distribution facility which is let to a leading UK business, in the ‘golden triangle’.
“This asset is a great example of the business-critical logistics facilities we are acquiring as part of our wider aggregation strategy.”
Commenting on the deal, Andrew Franck-Steier, director at Atlas Real Estate who acted for the vendor, said: “We were delighted to be asked to sell the asset and it was great to have been involved in both the original funding and sale of the deal”.
Acre Capital Real Estate acted for St. Modwen Logistics.