Real estate manager AEW has agreed to buy Fradley 432 at Fradley Park in Lichfield from Evans Property Group.
Evans will also develop the site for AEW as part of the agreement.
Fradley 432 forms part of AEW’s recently launched €290m develop-to-core UK logistics venture with Allianz, and follows the announcement last month to speculatively develop a 525,000sq ft logistics facility at East Midlands Distribution Centre.
Fradley Park Industrial Estate is already occupied by companies including Tesco, Geze, Newell Rubbermaid, Great Bear Distribution, DHL and Palletways.
Due for practical completion in Q1 2020, the proposed new build will have a 100m yard with a clear haunch height of 15m.
Evans, a privately owned property investment and development company, will begin work on site this month with practical completion due in spring 2020.
Nick Winsley, managing director at AEW UK Investment Management, said: "Evans have an excellent track record of delivering market leading developments and we are pleased to have appointed them for the development of this project, our second speculative development for the venture with Allianz."
Charles Royle, director, AEW UK, added: "Fradley 432 is being built to the highest standard of specification, enabling an occupier to benefit from market leading sustainability features.
"We look forward to working with McGuiness Waddington Real Estate (MWRE) and Avison Young in securing an occupier for Fradley 432, in this supply constrained market."
Alan Syers, director, Evans Property Group, added: "This transaction underlines the strength of Fradley Park and the location’s attraction to both investors and occupiers. We look forward to working with AEW on delivery of this facility."
AEW has appointed McGuiness Waddington Real Estate and Avision Young as joint letting agents for Fradley 435, while Franck-Steier Price acted for AEW on the acquisition.
Article and image originally published by Insider Media.