Royal Mail Group has taken a 15 year lease on a 112,000 sq ft of distribution space in Milton Keynes.
The £357,960 annual rent deal in Michigan Drive, Tongwell, has been delivered by UK & European Investments, the company behind a new 100,000 sq ft Volkswagen Financial Services (UK) HQ in nearby Delaware Drive.
UK & European sees Milton Keynes as an “increasingly strategic location”.
John Stacey, UK Asset Management Director of UK & European. said: “Over recent years, we have made significant achievements in this area through a combination of securing new tenants to our existing UK portfolio and via new Grade A development activity.
“The recent lettings complement our existing long term investment holdings in Milton Keynes, an increasingly strategic location for distribution and logistics companies.”
UK & European Investments previously developed the 500,000 sq ft. River Island distribution facility at Magna Park during 2010 and now has a total portfolio comprising 700,000 sq ft in Milton Keynes.