Property investor M&G Real Estate has agreed to fund the development of a major distribution scheme adjacent to Coventry Airport which could bring hundreds of jobs to the city.
The company has acquired the 29-acre site at Imperial Park on Siskin Parkway West and committed £50.5m towards the build of three warehouse units totalling 575,000 sq ft.
The news comes a week after detailed proposals for the project were lodged with Warwick District Council by developers Rigby Group with Evander Properties Ltd. Outline permission was granted in December 2015.
Paul Crosbie, head of logistics and industrial at M&G Real Estate, said: "The demand/supply dynamic for grade A industrial space in the West Midlands remains compelling.
"Coventry benefits from an excellent and improving road network enabling efficient delivery times; together with a skilled and flexible local labour force which make it a favoured location for a variety of different occupiers."
Andrew Cox, of Rigby Group's real estate division, added: "This is a prime location in the centre of the country and at the heart of the road network, so is ideally placed – and this news underlines those qualities.
"There is very strong interest in the units and we believe we will be satisfying a considerable demand for this type of development."
FSP and MWRE acted on behalf of M&G Real Estate while Colliers acted for Rigby Group.