Beko has let the last two distribution units at Birch Coppice Business Park, Tamworth, Staffordshire, from Aberdeen Asset Management.
One of Europe’s largest home appliance manufacturers, Beko has agreed 15-year terms on the 282,000 sq. ft. and 63,000 sq. ft. units, at rents of £6.20 and £6.74 respectively.
Beko currently has bases at Heartlands, Birmingham, and Hams Hall, Warwickshire. The move to Birch Coppice allows the white goods maker to its consolidate its operations on a single site and also allows for expansion.
Aberdeen acquired the two assets, speculatively built by Birch Coppice developer IM Properties, at the end of last year.
Oli Lord, fund manager at Aberdeen Asset Management, said: “We acquired the vacant units, Plot 5 and 6 at Birch Coppice, at the end of last year and we are delighted that our marketing strategy has been completed ahead of schedule. This has justified both our decision to buy the units vacant and our faith in Birch Coppice and the Midlands industrial market.”
Richard Meering, head of the Midlands logistics and industrial agency team at CBRE, advised Aberdeen on the deal.
He said: “These lettings have further eroded new build warehousing stock in the region, which is now at worryingly low levels.
“As a result of economic uncertainty we have seen fewer speculative starts this year than last. IM Properties took the pioneering step of speculatively building industrial space at Birch Coppice. Their commitment paid off, with tenants at the site such as Euro Car Parts, Ocado and UPS now calling it home and IM capitalising on its investment.”
CBRE advised Aberdeen on the deal, with joint agents Colliers International and Eagleton & Co.