Developer acquires delivery giants national returns centre

A joint venture developer and investor has acquired the national returns centre of one of the UK’s largest parcel delivery companies.

Richardson Barberry has agreed a multimillion-pound deal with Cheltenham-based investment and asset management company Formal Investments for the purchase of EVRI’s national returns centre.

The 113,000 sq ft distribution unit sits on a seven-acre site at Swift Park, Cosford Lane, Rugby, Warwickshire.

Jonathan Robinson, Barberry development director, said: “The completion of this site purchase marks Barberry’s fifth site acquisition this year. It’s fantastic to be able to announce that the Richardson Barberry joint venture is working stronger than ever having completed the acquisition of EVRI’s national returns centre in Rugby, adding to our prime West Midlands mid-box industrial and logistics pipeline.

“This is an exciting asset management opportunity, which builds on our impressive joint portfolio of high-quality assets and development sites. This major acquisition in a location that is referred to as ‘the UK’s Golden Triangle for Logistics’ clearly demonstrates the scale of Richardson Barberry’s ambitions. We are also seeking new investment and development opportunities as part of our national growth strategy and hope to announce more transactions in the near future.”

Matt Norton, head of property at Formal Investments, said: “This site has been a long-term income producing asset for us, first acquired back in 2010. The strategic location and exciting asset management opportunity underpin a solid acquisition by Richardson Barberry, who were a pleasure to transact with.”

Savills and Cushman & Wakefield acted as agents on the deal.