The Royal Mail facility will come out of the ground at Swan Valley, a 210-acre distribution park at the junction 15A of the M1 motorway. Aviva Investors owns the industrial park and is funding the development while ProLogis will manage the construction side.
When complete in the first half of this year, Royal Mail will own the property. The postal service plans to consolidate operations in Coventry, Northampton and Milton Keynes. Other companies in the park include Carlsberg, Levi-Strauss and WM Morrison.
"Swan Valley offers one of the most central locations in the UK for distribution operations and we are confident in ProLogis' ability to deliver a state-of-the-art, sustainable distribution warehouse in the required timescale," says Michael Dalton, head of external relations, central and west group, corporate and government affairs for Royal Mail.
ProLogis owns or manages roughly 20 million square feet of space in the UK.
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