LONDON-Multi-let industrial specialist the io Group has exchanged contracts with business park developer Arlington Securities to acquire five sites, totalling 39 acres on Arlington business parks at Gloucester, Glasgow, Hatfield, Coventry and Stevenage for £18.25 million ($27 million).

Under the agreement io will develop 695,000 sf of multi-let industrial and business units.. The sites have been acquired by ioG’s development division – io Developments – on behalf of Industrial Development Partnership II–the £250 million ($365 million) limited partnership launched by The io Group Limited and LaSalle Investment Management to develop branded io Centres. Io Centres are offered to occupiers on highly flexible terms, from leases of any length to purchase options and sales.

Patrick Deigman, Chief Executive of Arlington Securities, said: ‘Arlington continually evaluates and actively manages its land portfolio and we wanted to find a developer for these sites whose business ethos and quality of development matched our own. Io Group and Arlington share a similar philosophy, based on providing innovative investment and development solutions to occupier-led demands. In this respect, they are the ideal purchaser.’

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