M&G Real Estate is to fund the speculative construction of 480,800 sq ft of warehouses at Wilson Bowden’s Optimus Park, Leicestershire.
Two distribution warehouses covering 276,100 sq ft and 204,700 sq ft respectively, will be built at junction 21a of the M1 near Leicester.
M&G Real Estate will acquire 24.3 acres of the site, subject to detailed planning permission, and will fund the development, which will be delivered by Wilson Bowden.
M&G Real Estate associate director Andrew Windle said: “There is a limited supply of logistics accommodation in core locations such as the M1 corridor. This opportunity produces access to well specified and located product.
“As we enter 2015, M&G Real Estate continues to increase selectively its exposure to the sector, drawing on the experience within our specialist team to secure the right acquisitions that offer clear income potential and strong returns or create the required product.”
Wilson Bowden managing director Nick Richardson said: “This is a great start to the development and has enabled us to commit to the infrastructure, which has now started on site. This activity has already generated a number of major enquiries since the new year and we are confident of securing strong interest in the site.”
NRS acted for M&G Real Estate; Burbage Realty represented Wilson Bowden.
