Richardson Barberry has agreed a multi-million-pound off-market deal with Formal Investments for a 113,000 sq ft distribution unit at Swift Park in Rugby.
The unit sits on a seven-acre site on Cosford Lane and is let to parcel delivery company Evri.
Jonathan Robinson, development director at Barberry, said: “The completion of this site purchase marks Barberry’s fifth site acquisition this year. It’s fantastic to be able to announce that the Richardson Barberry joint venture is working stronger than ever having completed the acquisition of Evri’s national returns centre in Rugby, adding to our prime West Midlands mid-box industrial and logistics pipeline.
“This is an exciting asset management opportunity, which builds on our impressive joint portfolio of high-quality assets and development sites. This major acquisition in a location that is referred to as ‘the UK’s Golden Triangle for logistics’ clearly demonstrates the scale of Richardson Barberry’s ambitions. We are also seeking new investment and development opportunities as part of our national growth strategy and hope to announce more transactions in the near future.”
Matt Norton, head of property at Formal Investments, added: “This site has been a long-term income producing asset for us, first acquired back in 2010. The strategic location and exciting asset management opportunity underpin a solid acquisition by Richardson Barberry, who were a pleasure to transact with.”
Savills and Cushman & Wakefield acted on the deal.
