Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, announces the acquisition and development forward funding of the 248,000 sq ft logistics unit known as Corby 248 at Midlands Logistics Park, a joint venture between Mulberry Developments and Frogmore.
This is the fourth of the logistics assets to be sold and developed on the Park by Mulberry and Frogmore with the other three 100% let to Bosh (946,000 sq ft), Stobart (844,000 sq ft) and Europa (525,000 sq ft).
Arrow has acquired the site for its €3bn Strategic Industrial Real Estate (SIRE) platform and has retained the Mulberry team to develop the site into a high-quality logistics unit available for occupancy in April 2021.
Corby 248 is well located close to the A14/M6/M1 Catthorpe interchange. It provides occupiers with a market leading distribution facility where supply of available space is falling. The property will be constructed to grade ‘A’ standards with 15 metre clear internal height, 22 dock level access doors and a 50 metre yard.
Mulberry acquired Midlands Logistics Park in 2015.
Katherine Parker, Head of Investment Management Europe at Arrow, said: “This continues SIRE’s investment in industrial and logistics assets which are benefiting from the acceleration in online retail. Corby 248 is superbly located and we look forward to developing the site with Mulberry to deliver a best in class asset in a supply-constrained market.”
Mark Day, Development Director at Mulberry Developments said:
“We are delighted to have agreed this deal with Arrow, which will complete the Midlands Logistics Park development. Midlands Logistics Park has clearly proven Corby’s standing as a warehouse location, and Corby 248 will build upon that success.”
Arrow was advised by Avison Young who have been appointed as joint letting agents for Corby 248 alongside M1 Agency.