Brakes Group, has agreed a 25 year lease on a 207,000 sq ft temperature controlled warehouse facility to be built on Standard Life Investments’ Suttons Business Park in Reading.
Gerald Eve Industrial Partner, Mark Trowell who advised Brakes, a leading supplier to the food services sector in the UK, Ireland, France and Sweden, said: “This deal is further evidence of a revival of the logistics property market in the Reading area. It provides my client with the opportunity to acquire the latest specification facilities on a well located site, and is great news for the economy as it will generate 500 new jobs.”
Commenting on the development, Will Fulton, Fund Manager, Standard Life Investments, said: “The Standard Life Heritage Fund has owned Suttons Business Park since its acquisition in 1992 and this development represents a natural evolution by re-cycling a large part to match occupier demand. The Brakes name is a great addition to Suttons and their commitment to the Park emphasises the strategic importance of this location.”
Standard Life Investments was represented by Haslams and Lambert Smith Hampton.