The scale of St Modwen Logistics' £27 million purchase of the Titan 10 Distribution Centre in Wolverhampton was "impossible to ignore", according to judges of the CoStar Impact Awards, as they named it the Sale of the Year for the West Midlands.
Sold by fund manager Columbia Threadneedle on behalf of Zurich Assurance, the deal for the circa 270,000-square-foot facility in Bilston serves as an example of investors' growing appetite for high-specification distribution facilities housing leading UK businesses.
Titan 10 Distribution Centre has been the home of Pallet-Track, a UK pallet freight distribution firm, for more than 15 years and serves as its central hub, handling an average of 8,000 pallets per night.
At the time of the deal, head of transactions at St Modwen Logistics, James Cooper, described it as a "great example of the business-critical logistics facilities" that the Blackstone-owned industrial developer, owner and investor is targeting.
About the Project: The property compromises 266,618 square feet of industrial accommodation and is located in the manufacturing and distribution heart of the Black Country. It sits a short distance from Junction 10 of the M6 and Junctions 1 and 2 of the M5, bringing in a rent of £1,802,500 each year.
What the Judges Said: Charles Warrack, director at Fisher German, said: "The scale of this transaction is impossible to ignore. In terms growth and diversification, this sale/acquisition represents ongoing commitment and confidence in a market sector, which remains a real bell-weather of the West Midlands economy." Carl Potter, regional offices senior director at Avison Young, added: "[This is] a great example of a strategic purchase that has long-term added value as the location improves over time.
They Made It Happen: Andrew Franck-Steier, director at Atlas Real Estate.