Up, Up And Away For Stoford/TPG Airport Tie Up
Icon Industrial, the joint venture between U.S. investor TPG Real Estate and Midlands-based Stoford, is to start work this month on its debut development, the 45-acre Icon logistics scheme at Manchester Airport.
The scheme, in the Manchester Airport Enterprise Zone, has planning permission for 1M SF of build-to-suit floor space.
The Manchester site opens the door to further Icon developments by the joint venture.
“The formation of Icon Industrial leverages the combination of TPG Real Estate’s strong track record in European and U.S. industrial investments and Stoford’s market-leading position in the UK," TPG Real Estate Partner Krysto Nikolic said at the launch of the joint venture.
"Icon’s first acquisition, near Manchester Airport, is of one of the highest-quality logistics locations in the country. We look forward to working closely with Stoford in building Icon Industrial into a leading development platform."
A BP filling station, M&S Simply Food convenience store and drive-through Costa Coffee will kick off development of the £100M park.
The Icon site, which connects to junction 6 of the M56 motorway, was acquired from MAG Property's Airport City development in July 2017. The area is established as a prime logistics site, which has major occupiers including Amazon, Fedex, UPS and DHL.