A joint venture between AEW and Allianz has secured online fashion retailer Asos as a tenant for its 437,000 sq ft warehouse in Lichfield, Staffordshire.
Asos plans to invest £90m in the warehouse, which sits within Fradley Park Industrial Estate. It has taken a 15-year lease at the location.
The industrial estate’s tenant line-up also includes Tesco, DHL, Screwfix, Tile Giant, Newell and Great Bear Distribution.
Nick Winsley, managing director and head of investments at AEW UK Investment Management, said: “There continues to be strong demand for grade-A warehousing, where supply at the larger end is more limited and we look forward to continuing with our funding programme in the new year.”
Kari Pitkin, head of business development for Europe at Allianz Real Estate, said: “More broadly… We expect for strong market fundamentals in the sector, such as the growth of online shopping and supply chain rationalisation, to continue to offer growth opportunities through investments in prime real estate in excellent locations.”
MWRE and Avison Young represented the landlord, while Knight Frank acted on behalf of Asos.
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