Aviva Investors has exchanged contracts on a £73.4 million ($94.07 million) industrial long-income investment, believed to be one of the largest manufacturing property transactions within the United Kingdom in recent times.
The 490,000-square-foot site at Prospero Ansty near Coventry will be let to global engineering business, Meggitt.
The site is being developed by Manse Opus in a project funded by Aviva Investors’ Lime Property Fund as part of its continued investment into high-quality, long-income real estate in the United Kingdom.
The asset, which is currently under development, is subject to a 30-year lease let to Meggitt, in what will form a significant part of the manufacturer’s future operations in the region. Meggitt’s intention is not only for the facility to support innovation within its manufacturing business but also to offer accommodation for 1,000 staff which is fit for the long-term future.
The site’s location is also well placed to the major Manufacturing Technology Centre (MTC) and has strong travel links. Aviva Investors believes the manufacturing property sector looks well placed to prosper from the influence of an increasingly globally trading Britain. Realest, the property advisory firm, advised on the formation and delivery of the transaction. Pinsent Masons LLP advised Aviva Investors.
