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Despite Brexit ... Aviva's £73.4M Midlands Manufacturing Punt

Rolls-Royce Trent XWB Engine of a Qatar Airways Airbus A350-941

Aviva Investors is to buy one of the largest new factory developments ever seen in the U.K., in a £73M deal with Manse Opus.

The 490K SF 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 U.K.

The asset is subject to a 30-year lease let to Meggitt.

Aviva Investors believes the manufacturing property sector looks well placed to prosper from the influence of an increasingly globally trading Britain.

Prospero offers available space for occupiers seeking anywhere between 50K and 1M SF, principally for the manufacturing sector, adjacent to the original Ansty Business Park whose occupiers include Fanuc, AVL Electronics, Sainsburys, London Electric Vehicles  and MTC, the now world renowned R&D Centre principally involved in the aeronautical and automotive sector.

Realest, the property advisory firm, advised Meggitt, whilst Pinsent Masons advised Aviva Investors.

In a separate move, a Tokoyo-backed investment business has acquired a Birmingham site for speculative warehouse development.

Europa Capital, which is ultimately affiliated to Mitsubishi, has acquired a 189K SF site at Perry Bar, north of the city centre.

They plan an 80K SF speculative unit.