Panattoni agrees blockbuster sale in the UK
Panattoni is set to sell the second phase at Panattoni Park Northampton.
GLP has agreed terms to acquire the second phase, circa 1 million sq ft, which is currently being developed by Panattoni. GLP purchased the first phase of the site for around £85m in 2019.
The 250,000 sq ft unit 1 and 428,000 unit 2 are currently under construction with completion anticipated in Q3 2021, while construction of the 376,000 sq ft final building is to commence shortly and complete in February 2022.The site is located on the outskirts of Northampton overlooking Junction 16 of the M1 motorway.
Successful exit from Panattoni
Panattoni successful developed and sold the first three units at the Northampton site. The developer let circa 625,000 sq ft to Eddie Stobart, before selling the units to GLP.
Oliver Bertram, Development Director, Panattoni, said: “Following the acquisition of the site in we have seen continued demand from the occupational market which has led to pre-lets at the park. The decision to sell the balance of the park to GLP made sense given the strength of the market.”
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