TPG forms JV with Stoford for U.K. logistics
TPG Real Estate and Stoford have made a first acquisition for a logistics joint venture, Icon Industrial.
The joint venture has bought a 45-acre brownfield site at Global Logistics, located adjacent to Manchester Airport, from the Airport City Manchester joint venture. Financial details of the transaction have not been disclosed; however the sales price was estimated to be £29 million ($37 million, according to an article by Manchester Evening News.
The plans for the site include developing 952,000 square feet of lettable logistics space with a total development value of £100 million ($129 million).
Icon Industrial will acquire and develop U.K. sites, as well as refurbish existing prime logistics properties.
The Airport City Manchester joint venture consists of the Manchester Airports Group, Beijing Construction Engineering Group, Car