An NYSE-listed company has acquired a logistics facility in Solihull which is leased to Jaguar Land Rover.
Developed by Prologis, the 1.1 million sq ft facility is located in proximity to the arterial M42 motorway, Birmingham Airport and Birmingham International Railway Station.
The site, which has been acquired for £141m by W. P. Carey, is located adjacent to JLR’s largest UK manufacturing plant.
JLR, which is leasing the site for a term of 30 years, is making investments into automation and the fit-out of the property.
Gino Sabatini, head of investments at W. P. Carey, said: “We are thrilled to build on our year-to-date acquisition momentum and add another high-quality logistics asset to our portfolio.
“Since opening our London office in 1998 and completing our first investment in the UK in 1999, we have continued to grow our market expertise and reputation as a reliable partner for companies and developers alike.”
Alan Sarjant, senior vice president of capital deployment and leasing at Prologis, added: “Working with our customers to find the best outcome for their current and future business ambitions is an important part of what we do, and today’s announcement marks the culmination of a customer-led development project designed to deliver long-term benefits for Jaguar Land Rover.”