AEW Are Gobbling Up Midlands Industrial
Another day, another Midlands' megashed development falls to investor AEW.
Real estate manager AEW has agreed to buy Fradley 432 at Fradley Park in Lichfield from Evans Property Group, which will then develop the site for the joint venture.
The new unit, with a clear haunch height of 15 metres, is due for completion on-site in early spring next year.
The deal is the second step in AEW's £250M move into logistics property development in partnership with Allianz. It comes weeks after the partnership announced their first development of a 525K SF unit, also in the East Midlands.
The project is situated at Castle Donnington's East Midlands Distribution Centre and was acquired with planning permission from CWC Group. The 25-acre site is next to the 1M SF Marks & Spencer national distribution centre.
Due for practical completion in December, the new-build project will have a clear haunch height of 18 metres.