A 29-acre Coventry site is to be developed as a 575,000 sq ft logisitics scheme.
The site – until now controlled by Sir Peter Rigby’s Rigby Group – will be acquired by M&G Real Estate with Evander Properties as development manager.
Three warehouses of 350,000 sq ft, 165,000 sq ft and 60,000 sq ft. will be built following the £50.5m deal.
The Imperial Park site at Siskin Parkway West in Coventry is south of Coventry Airport, six miles from Junction 2 of the M6 motorway.
Last November developer Ostrava Properties, a part of the Rigby Group, applied for permission to develop a 650,000 sq ft warehouse scheme.
Paul Crosbie, Head of Logistics and Industrial at M&G Real Estate, said: “The demand/supply dynamic for Grade ‘A’ industrial space in the West Midlands remains compelling.”
M&G is also investing in logistics schemes at Optimus Point, Leicester and Logistics North in Bolton.
Work on site at Coventry is expected to begin this summer.
FSP and MWRE acted on behalf of M&G Real Estate, Colliers acted for Rigby Group.