Real estate investment firm 90 North has confirmed the sale of Feilden House in Teal Park, Lincoln to Siemens.
The 136,000 shed already houses the UK overhaul facility for Siemens gas turbines and the company now intends to expand by this another 75,350 sq ft to make a service operations centre.
Alongside the purchase of the existing 11-acre property, Siemens total investment will be £35m.
Building work to extend the facility is scheduled to start in May 2017 and be completed by January 2018.
Nick Judd, founder and head of investment at 90 North, said: “The exit completes a near five-year cycle following the original construction funding provided by clients of 90 North in conjunction with its joint venture partner Arzan Wealth.
“Delivering a projected 12% net IRR to investors, the investment will have materially outperformed the business plan.”
RY Partnership and BNP Paribas Real Estate advised the vendor; Rapleys advised Siemens.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
