Prologis — the global leader in industrial real estate — has signed a 420,000 sq ft build-to-suit deal with Eddie Stobart Logistics, one of Britain’s largest transport, storage and handling companies.
The rail-connected facility will be constructed as the final second stage development of Daventry International Rail Freight Terminal (DIRFT II) which, because of its central location and proximity to major motorways, is claimed to provide access to over 98 per cent of the British population.
“We already occupy a number of buildings at DIRFT as it is an excellent location for many of our customers,” commented chief executive William Stobart. “This new building will further our rail capability and is a significant investment in the continuing success of our business.”
The purpose-built distribution centre will have a dedicated canopied rail platform along one side of the building. Construction will begin later this month and is slated for completion next summer. The project is expected to generate at least 500 new jobs.
Adjacent to the west coast mainline and the M1 motorway, Andrew Griffiths, Prologis UK managing director, said DIRFT’s combined road and rail connectivity would provide Eddie Stobart Logistics with maximum operational efficiency.
“This is the first building we have let to Eddie Stobart, and we are delighted that we can meet the company’s requirements.
“With this signing DIRFT II is now 100 per cent leased, but with our ongoing investment in DIRFT III, we can continue to offer our customers the best opportunities in the market for rail-served distribution facilities,” added Griffiths, whose division owns and manages around 23m sq ft of logistics and distribution space in the UK.
What started as an agriculture business in the late 1940s, expanding into a haulage company during the Seventies, the Stobart Group was formed in 2007 by a merger with the Westbury Property Fund.
There are now four main business divisions within the group: Stobart Energy, Stobart Rail, Stobart Aviation — which owns Carlisle Lake District Airport and London Southend Airport — and Stobart Investments. There is also a further division, Stobart Brand, which promotes the brand name “Eddie Stobart” and also includes the legal services division Stobart Barristers.
In March this year the Stobart Group announced its intention to re-position itself as an Infrastructure and supports services business, with the announcement of the sale of its original transport and distribution business to Douglas Bay Capital for £280.8m.
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