Wednesday, January 27, 2021

Major Jaguar Land Rover parts centre moves closer for Leicestershire as funding deal agreed

Intermediate Capital Group (ICG) has agreed to forward fund a new, 2.94 million sq ft global parts logistics centre at Mercia Park located at Junction 11, M42, North-West Leicestershire, constructed by IM Properties and leased to Jaguar Land Rover.

The transaction represents Europe’s largest ever single occupier build-to-suit transaction with ICG partnering with developer IM Properties to deliver the scheme on 20-year leases for each of the five units.

The new campus will service 80 countries and be in the heart of the UK’s Golden Triangle and Jaguar Land Rover’s aftermarket business, enabling it to evolve and grow the company, maintaining its competitiveness in a challenging global marketplace.

Chris Nichols, Head of Sale and Leaseback, said: “This is a landmark deal by ICG, and the biggest single-occupier logistics build-to-suit ever undertaken in the Europe. Successfully completing this transaction reflects our ability to source truly mission critical real estate in very competitive spheres.

“The Fund is actively seeking new mission critical real estate investment opportunities across Europe. We anticipate making additional investments by the end of Q1 2021 by which time we expect to have acquired circa €1 billion of mission critical investments in the UK, Germany, France, the Netherlands, Spain and Northern Europe.”

Kevin Ashfield, UK Development Director at IM Properties added: “We are delighted to be partnering with ICG and remain committed to delivering this sustainable, high quality, bespoke global logistics centre for Jaguar Land Rover. Infrastructure works are now largely complete, so construction can commence.

“This is great news for the logistics sector, and it is hugely exciting for IM Properties to be involved with a deal of such scale and importance. The units will be completed on a phased basis with the last unit due to complete in September 2022.”

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