Slough Estates and The Airport Property Partnership ("APP"), the specialist joint venture between BAA plc and Morley Fund Management, announce the creation of a new vehicle, the Colnbrook Industrial Limited Partnership, which has acquired a 50 acre site immediately adjacent to the M25 and near the new Terminal 5 building at Heathrow Airport.
The Airport Property Partnership is asset managed by BAA Lynton, a wholly owned subsidiary of BAA plc, who will also asset manage the Colnbrook Industrial Limited Partnership.
The site, which has been acquired from Argent for €47.85 million, comprises a 150,000 sq ft logistics centre leased to Heathrow Airport and an aggregates facility leased to Foster Yeoman. Argent, who were advised by Gowers, still retain a further 215 acres at Colnbrook.
The strategic location of the site, adjacent to Heathrow and the motorway network, makes it a natural fit for Slough's portfolio. Slough already owns 85 hectares of land in the West London and Heathrow area, with 356,665 m² of business space.
Phil Redding, Slough's Regional Director for West London comments: "Slough is delighted to have formed a partnership with APP, and to have secured such a strategic site within the Heathrow market. The parties bring a unique combination of expertise and knowledge to the Partnership, which will help ensure its success."
Source: Slough Estates
