Intermediate Capital Group (ICG) has acquired a 69-acre mission critical open storage & logistics site from Rockingham Automotive LLP in Corby, by way of a 25 year lease to STVA UK Limited.
STVA UK Limited is a subsidiary of Group CAT, an independent operator in transport and vehicle logistics. STVA has this year relocated to the purpose built site, as they continue to grow their compound management and services business. The site ensures the business is positioned to take advantage of changing habits and regulatory developments and is fully equipped to support the anticipated rollout of electric cars.
Chad Brown, investment director of sale & leaseback at ICG, said: “This is an attractive deal for ICG, supported by growing demand for limited open storage capacity. We look forward to working with STVA UK, as they continue to evolve their model.
“We continue to actively seek opportunities and are targeting mission critical assets across continental Europe and the UK. We have circa €1bn to invest and will look at all sectors and opportunities, where the importance of the asset to the tenant is evident.”
M1 brokered the transaction and advised Rockingham Automotive LLP. ICG was advised by JLL.
