Standard Life investments enters into a forward purchase agreement
Clowes Developments has completed a forward purchase agreement with Standard Life Investments Funds Limited on a 477,263 sq. ft. distribution warehouse at Castlewood Business Park. The facility has been pre-let to the Co-operative Group Limited on a 20 year lease.
The new warehouse property, which will be completed in October 2012, will be state of the art, with 360 degree circulation and two main service yards with depths of 50m and 99m, allowing full cross docking operation. The building has an eaves height of 15 m, 80 dock level loading doors and a range of support facilities including Vehicle Maintenance Units and a Recycling Centre.
Castlewood Business Park is a 112 acre master planned development, acquired from Wilson Bowden, which is fully serviced and capable of providing over 2 million sq. ft. of logistics facilities. Castlewood is located adjacent to Junction 28 of the M1, at its intersection with the A38.
TRW Real Estate and Flint Bishop acted for Clowes Developments in the forward purchase agreement, and Drivers Jonas Deloitte and Pinsent Mason represented Standard Life Investments Funds Limited. For the letting, the Co-operative Group Limited were represented by TRW Real Estate and FHP represented Clowes Developments.