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Publish Date : 14-Jul-2017

Less than a year after it sold P3 Logistics Parks in a deal worth EUR 2.4bn, TPG has launched a UK logistics investment platform.

The US private equity company has announced a partnership with British firm Stoford Developments to form Icon Industrial.

The partnership has made its investment, buying 45 acres of land next to Manchester Airport on which it plans to build into a 100m (113m) prime logistics asset.

The land has planning approval for 952,000sqft of lettable logistics space and is an airport area designated for logistics development.

Its seller was Airport City Manchester, a partnership between Manchester Airport Group (MAG), Chinese developer BCEG, UK listed company Carillion and the Greater Manchester Pension Fund.

MAG itself is co-owned by Greater Manchester councils and Australian infrastructure investment manager IFM Investors.

Lynda Shillaw, chief executive for property at MAG, stated: Airport City Manchester is a really exciting location for occupiers, located at the southern growth node of the region, an already well-established business location alongside the Manchester Airport campus.

Krysto Nikolic, partner at TPG Real Estate, added: Icons first acquisition, near Manchester Airport, is of one of the highest quality logistics locations in the country.
TPG Real Estate, a subsidiary of TPG, and Stoford noted they intend to build Icon Industrial into a logistics platform by acquiring and developing similarly attractive UK sites, as well as refurbishing existing prime logistics locations.

Last year, TPG and Ivanhoe Cambridge divested European logistics platform P3 to the Singaporean sovereign wealth fund GIC.

Nikolic added: The continued strength in occupational demand for UK logistics represents a compelling investment opportunity.

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