Prologis, a leading developer and owner of logistics property in the UK, has acquired an additional building at its highly successful logistics park in Coventry, further strengthening its holdings in a core location.
The 56,000 sq ft building, which is let to UK Flooring Direct until 2025, has been acquired for a consideration of £8m from a UK fund. Prologis now owns and manages 1.86m sq ft of prime logistics space at the park, with potential for further expansion in the future.
Built by Prologis in 2003 as a design-and-build project, the building has been bought back to help meet existing and future demand for logistics space in the area.
From its location within the logistics ‘golden triangle’, at the heart of the UK’s motorway network, Prologis Park Coventry is less than two miles from Junction 3 of the M6. The site is currently fully-let and along with UK Flooring, customers include household names such as Bridgestone, DHL, Royal Mail and Co-Op.
James Hemstock, Director in the Capital Deployment & Leasing team at Prologis UK, said: “This is a purchase which signals our commitment to strengthening our asset base at Prologis Park Coventry – an excellent location that continues to meet the needs of our customers in a core Midlands market. We hope that we will soon be in a position to extend the site further, so we can continue to meet demand for much-needed warehouse and logistics space within the logistics ‘golden triangle’.”
Prologis was advised on the property acquisition by Acre Capital.