Aviva Investors will provide £90m of forward funding for a 505,000 sq ft shed at Omega Business Park, Warrington.
The high-spec distribution unit, set within a 24-acre site, has been prelet to Iceland Foods on a 20-year lease, making it the company’s largest distribution centre in the UK.
The hub will serve Iceland’s stores in the North of England, North Midlands and Wales.
Aviva Investors’ head of real estate investment, James Stevens, said: “We are pleased to complete a deal which extends our programme of development across the UK, particularly on a high-specification asset in one of the country’s strongest logistics locations.
“The credentials and partnership with a high-quality developer and leading occupier serving an essential sector of the economy give us confidence that it will deliver strong sustainable income returns over the long term.”
Omega Business Park is one of the largest distribution parks in North West England, covering 575 acres between Manchester and Liverpool. Once fully developed, it is expected to provide 5m sq ft of logistics space.
The deal follows an announcement last month that Aviva’s global asset management had let a 133,000 sq ft unit at Swan Valley Industrial Park in Northamptonshire, following a speculative development which reached practical completion in July.
Mason Owen acted on behalf of Aviva Investors.
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