Real estate developer Clowes Developments has agreed a $140.9m (£100m) deal with the UK insurance company NFU Mutual.
The company will be responsible for the development of six new Grade A logistics facilities, of which five will be speculatively built and the sixth will be a pre-let facility.
Go deeper with GlobalData
These facilities with more than one millionft2 of total area will be located across three of Clowes Developments sites that include EMDC, Castlewood Business Park and Centrix Park.
The company noted that the facilities will range from 58,586ft2 at Centrix Park to 250,000ft2 unit at EMDC.
Clowes Developments stated the properties include a new 162,500ft2 Deichmann-Shoes UK building at Centrix Park, Corby.
See Also:
Being developed by contractor Winvic Construction, the property has already been granted planning permission and is set to be completed as early as January 2022.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTwo units of 176,817ft2 on Plot 1 and another of 134,192ft2 on Plot 8 will be developed on the last two large plots at the 120-acre Castlewood Business Park at Junction 28.
Two larger buildings of 189,573ft2 and 249,418ft2 at EMDC will also be developed.
Clowes Developments director James Richards said: “The deal demonstrates confidence in the marketplace.
“For NFU Mutual to entrust a significant amount of capital in Clowes Developments is recognition for how far the group has come.
“This deal is by far the biggest transaction we have concluded as a group to date, but we have other deals in the pipeline, and this is an exciting time for the company.”
Clowes Developments director Paul Shanley said: “Planning applications, where applicable, are ready to go and we expect to see site activity from late summer onwards.
“With the current shortage of good quality ‘big shed’ stock, the timing would appear just right to take advantage of market conditions.”
—————————————————————————————————————–
Illustration of the new logistics facility at EMDC. Credit: Clowes Developments (UK) Limited.
