Airport Property Partnership (APP), through its asset manager SEGRO, has signed the largest pre-let agreement at Heathrow for five years with Schenker Limited, the UK arm of the global logistics provider, DB Schenker.
The pre-let is to develop a new 9,900 sq m UK HQ office and warehouse facility on The Portal site at Heathrow Airport, next to the main cargo terminal. Subject to planning consent, construction will start in early 2012 with completion in mid-2012.
The pre-let to DB Schenker is the first phase of the development on The Portal site and there is the potential for a further 13,300 sq m of space to be developed on the remaining 2.5 hectares.
Commenting on the deal, Alan Holland, SEGRO’s Joint Ventures Director said: “With record cargo volumes being recorded in 2010, we believe this reflects a return of confidence to occupiers at Heathrow. Attracting leading companies like DB Schenker provides a strong endorsement of the unique offer of APP’s and SEGRO’s portfolio in Heathrow.”
APP is a joint venture formed between SEGRO and Aviva Investors in June 2010 and forms part of the £1 billion portfolio which SEGRO manages at Heathrow. SEGRO is the asset manager to the Fund while Aviva Investors is the fund manager.