Massive Euro investment for Clowes

European investment win for property developer

Bondholder Clowes Developments (UK) Ltd has concluded a multi-million pound European inward investment deal for a 515,000 sq ft speculative Regional Distribution Centre on its East Midlands Distribution Centre (EMDC) business park at Castle Donington.

Works have already commenced on site and are scheduled to be completed later this year. The new building is next to Marks and Spencers 1,000,000 sq ft distribution unit which serves the UK and Ireland with all its on-line retailing.

This is the second development of 2019 to commence on site on EMDC, the other being a Regional HQ for Redrow Homes East Midlands.

Clowes have collaborated with one of their tenants, global logistics provider Panattoni, who are the UK division of the European investor. Upon completion, the building is likely to create up to a 1,000 jobs, in addition to the thousands of people already working on EMDC.

Paul Shanley, Director of Clowes, said: "This deal will deliver the largest single building we can provide now on EMDC and truly establishes the business park as a premier distribution centre in the Midlands."

The building which is roughly the size of six football pitches, is one of the largest to be built in the region and is expected to be high on the list of prospective occupiers looking to locate and/or expand into the region.