ProLogis overtakes Barclays at Coventry Peugeot site

ProLogis is buying half of PSA Peugeot Citroen’s former factory in Ryton, Coventry, five months after it was beaten to the £40m site by the Barclay Brothers. The industrial giant has been selected as preferred bidder for the 65-acre plot, one of the most prized industrial development sites in the Midlands, with a deal to be completed early next month. Underbidders included Gazeley, Goodman and Bericote. The sale will recoup a significant portion of the £60m the brothers paid for the 145-acre former car factory through Trenport Investments, part of its Ellerman Investments vehicle, in March. Trenport plans to build a 200,000 sq ft distribution warehouse for the Barclay Brothers’ Littlewoods chain on a 25-acre portion of the former factory, which closed in January, and redevelop the remainder for housing. An agent said: “It is one of the biggest industrial development opportunities in the Midlands and there is a lot of excitement about the land. “It is a prime site in a city where there is very little supply and demand is very high.” ProLogis is represented by North Rae Sanders. Gerald Eve advises Trenport. patrick.clift@rbi.co.uk