Arrow Capital Partners has acquired the 248,000ft² 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 (946,000ft²), Stobart (844,000ft²) and Europa (525,000ft²). The purchase price was not disclosed.
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 the 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.”