Logicor's biggest let yet

Logicor has completed its largest letting in the UK, signing up XPO Logistics to 645,000 sq ft at its distribution scheme in Tamworth, Staffordshire.

The third-party logistics company, which will use the facility to serve a Premier Foods contract, has agreed terms on a 10-year lease for around £5.50/sq ft on the Tamworth 594 building.

Current occupiers Hermes Parcelnet and Euro Car Parts, which share the warehouse, have agreed to surrender their leases and will both move to nearby build-to-suit schemes.

Logicor will extend the distribution centre by 50,000 sq ft to accommodate XPO’s space requirement and works are expected to complete at the beginning of next year.

The building was split in two by Prologis in 2013, with Hermes taking the 336,000 sq ft first unit and Euro Car Parts renting 258,000 sq ft.

The warehouse was acquired by Logicor from Prologis in February 2014 for £35m, at a yield of 10%.

Logicor’s owner Blackstone is currently looking to sell or list the company.

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