Client: ProLogis - Severn Trent Property
In late 2006, Severn Trent plc put its property division, Severn Trent Property Ltd, up for sale, in order to concentrate on its core water activities.
Like many other utility companies, Severn Trent Property Ltd had a significant land bank, arising from sites that had become operationally redundant and development land acquired externally. Together, these development interests amounted to over 1,000 acres (442 hectares). Whilst some of its sites were part developed, including Phase 1 of the Daventry International Railfreight Terminal in Rugby, the majority represented opportunities for major commercial development and strategic residential development. The opportunity to acquire such a diverse portfolio of assets was bound to attract intense competition from developers.
Our Planning & Development team advised the successful purchaser, ProLogis on the £72m acquisition. As the world’s largest owner, manager and developer of distribution facilities, this purchase effectively doubled the size of ProLogis’ development land portfolio in the UK.
Our planning and development and agency teams continue to advise ProLogis on issues to facilitate the development of the former Severn Trent portfolio.
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