Icon Industrial, a logistics-focused joint venture formed by TPG Real Estate and Stoford Developments, said it acquired a 45-acre brownfield site adjacent to Manchester Airport from the Airport City Manchester joint venture.
Financial details of the transaction were not disclosed.
The site, which has outline planning permission for 952,000 sq ft of lettable logistics space, is the first investment made by the new joint venture and “will be built into a prime asset with a total development value of £100 million.”
Located within a key logistics corridor in the North West, the site boasts direct access to both the M6 and M56, with 12 million people living within a two-hour drive, making it a vital location for both regional and national distribution.
Already established as a prime North West logistics site, the land also hosts operators such as Amazon and DHL.
DTRE advised Icon in the acquisition.
Lynda Shillaw, CEO of Airport City Manchester Joint Venture partner MAG Property, said: “The sale of 45 acres at Global Logistics is a significant milestone.
“Airport City Manchester is a really exciting location for occupiers, located at the southern growth node of the region, an already well-established business location alongside the Manchester Airport campus.”
Krysto Nikolic, partner at TPG Real Estate, said: “The continued strength in occupational demand for UK logistics represents a compelling investment opportunity for TPG Real Estate.
“The formation of Icon Industrial leverages the combination of TPG Real Estate’s strong track record in European and US industrial investments and Stoford’s market-leading position in the UK.
“Icon’s first acquisition, near Manchester Airport, is of one of the highest-quality logistics locations in the country.
“We look forward to working closely with Stoford in building Icon Industrial into a leading development platform.”
Dan Gallagher, joint managing director at Stoford, said: “The joint venture with TPG Real Estate is a new phase in Stoford’s business development.
“The support of our new partners will open doors for the acquisition of land and development of prime logistic opportunities within the UK.
“The combination of Stoford’s 21 years’ of development experience and TPG’s financial strength is a strong team in this market sector.”