Europa Capital has signed a circa 630,000 sq ft, 25-year pre-let with Alliance Automotive Group (AAG) at Rotherham logistics park on behalf of its value-add fund, Europa Fund VI.
AAG subsidiary Ferrari Piston Services (FPS), a distribution partner for automative brands, will occupy the space and is expected to move into the property in summer next year.
The deal to AAG means that 89% of the logistics development, which is targeting a minimum BREEAM rating of Very Good and an EPC rating of A, is now pre-let.
Rachel Hanke, managing director and value-add fund manager at Europa Capital, said: “Despite current headwinds, securing a pre-let with a tenant such as AAG at an early stage of construction is a testament to the resolve of the asset management team and strength of the fundamentals in the sector, especially for high-quality assets such as the Rotherham logistics park. We continue to experience a good level of occupier interest in the remaining unit and are focused on letting up this space.”
James Keast, asset manager at Europa Capital, added: “The signing of this lease is a huge milestone for our development in Rotherham. Our park offers a unique opportunity to lease a large site in a prime logistics location which has a fundamental lack of supply. We look forward to welcoming AAG as a new occupier and working with them to deliver the modern and high specification building which they require for their operations.”
Steve Richardson, AAG’s managing director, said: “We’re delighted to partner with Europa Capital to secure this new facility for our FPS business. We’ve experienced significant growth since acquiring FPS in 2016 and this investment not only allows us to consolidate our three existing facilities in Sheffield, but also forms part of our wider programme to strengthen our distribution infrastructure to ensure we are prepared for future growth.”
