National Timber Group (NTG) is one of four companies that have benefited from £50m of deals made with real estate company ICG, after it let out 600,000sq ft of warehousing to the wood distributor.
ICG Real Estate (ICGRE) worked closely with NTG to identify mission-critical sites within its network, based on strategic proximity to major ports and expansive catchment areas with dense populations and strong employment growth.
The cherry-picked assets are situated in core urban locations in Reading, Birmingham, Sheffield, Newcastle and Hull.
The other three companies relate to four assets being let in locations across Birmingham, Manchester and Merseyside and total 240,000 sq ft.
All nine sites will be managed by Axel Logistics
Luca Lelli, ICGRE MD, said: “This series of transactions highlights our ability to aggregate a portfolio of mission-critical assets at a very attractive entry basis by leveraging ICG’s unique network of corporate relationships.
“Our Metropolitan platform is focused on institutional-grade tenants and prime locations, with these particular assets offering both downside protection and significant reversionary potential in the near term.”
