Deal on 361,000 sq ft scheme a ‘resounding endorsement’ for Logic Leeds

The Standard Life Pooled Property Pension Fund has acquired a forward-funding opportunity from developer Muse for a 361,000 sq ft facility in West Yorkshire.

The industrial and distribution unit, located at Logic Leeds, is pre-let on a 20-year lease to electronics giant Premier Farnell.

Having operated out of the city for almost 80 years, Premier Farnell will relocate to Logic Leeds on completion of the scheme from its current premises in Armley.

David Stewart, fund manager at Aberdeen Standard Investments, said: “This deal underlines our continued confidence in the UK logistics and distribution market.

“Development has already started on the unit, and we are looking forward to Premier Farnell moving in to occupy the site.”

The unit is due for completion in January 2019.

James Scott, development director at Muse Developments, commented: “This is another significant milestone in the successful Logic Leeds story and it is exciting to be able to announce the sale of the Premier Farnell building to a high-profile investor.

“This is an excellent investment deal, which demonstrates the buoyancy and strength of Yorkshire’s commercial property market. Aberdeen Standard Investments is a major international name, so it is tremendous news that they have invested in Leeds.”

He added: “The deal is a resounding endorsement of our Logic Leeds development.”

Property consultancy Cushman & Wakefield acted for the Standard Life Pooled Property Pension Fund. Knight Frank represented Muse.