Stobart Group has completed a sale and leaseback of its DC at Carlisle Airport for £16.9m.

The group has owned the airport since 2009, and its in-house engineering team Stobart Rail completed the build on the DC last September.

The 96,012m² site was bought by real estate investor Gramercy Europe, which has signed a 20 year lease with Eddie Stobart Logistics.

Stobart will operate in 79,248m² of the facility, providing storage space for two of its long-term distribution contracts.

The DC is the first to be sold on the Carlisle Airport site, and Stobart Group said it hoped this would encourage further deals.

Stobart Group chief executive Andrew Tinkler said the location was ideal in that it offered “cheaper logistics solutions” close to the Lake District and Scotland.

Tinkler said: "We are pleased to have concluded this first phase deal with Gramercy. The transaction is in line with our strategy of realising value from mature assets and creating value for shareholders. We believe that this development will attract further inward investment at Carlisle Airport.”