Senior executives from SEGRO and Aviva Investors hosted a ground breaking ceremony (pictured) to mark the building of new facilities for Rolls-Royce at Heathrow, which will total almost 95,000 sq ft when completed.
SEGRO and Aviva Investors – through their 50/50 joint venture, the Airport Property Partnership (APP) – signed an agreement to construct the two new buildings on The Portal Site at Heathrow Airport in November 2011.
Construction has now commenced and completion is scheduled for December 2012. The Portal Site at Heathrow Airport is next to the main cargo terminal. It is now 80% leased, with up to 50,000 sq ft of remaining land available.
Alan Holland, SEGRO’s Joint Venture Director commented, “This agreement, which we signed towards the end of 2011, shows that SEGRO continues to attract leading companies to our prime development sites. It also illustrates our ongoing success in agreeing build-to-suit developments and growing our high quality industrial portfolio in our core markets.”
Karen Fox, Fund Manager at Aviva Investors added: “The agreement with
Rolls- Royce demonstrates our growing commitment to the Heathrow market and the opportunities we see here. It’s important that we provide the right kind of space for our occupiers and we’ve worked very closely with Rolls-Royce to make sure this is achieved, as well as providing a good quality investment for our investors in APP.”