The Airport City Manchester joint venture has completed its new £12m logistics facility ALPHA.
The 130,000 sq ft development at Airport City offers logistics units ranging from 17,500 sq ft to 35,000 sq ft.
Completed on time and on budget, ALPHA was forward-sold during its construction for £12.2m to the Greater Manchester Pension Fund (GMPF) which was advised by LaSalle Investment Management. The building has now been handed over to GMPF.
Airport City Manchester said that ALPHA has already generated strong interest from potential occupiers with announcements expected shortly. The joint venture partners are Manchester Airports Group, Beijing Construction Engineering Group International (BCEGI), Carillion and GMPF.
Susan Quinn, chairman of GMPF Property Working Group, said: “We’re delighted that our infrastructure partnership with Airport City has once again delivered on our stated goal of hands-on direct investment and successful collaboration. This investment will give us the strong levels of return we seek as well as provide badly needed opportunities for international businesses and jobs for Greater Manchester. We look forward to welcoming our first tenants and their staff.
“Many pension funds struggle to invest in infrastructure but we are leading the way and we look forward to building upon this success. We’re excited by the pipeline of potential investments and we look forward to working on more opportunities to achieve our twin aims of significant investment returns to pay our pensions promises, whilst delivering infrastructure and jobs for Greater Manchester.”