Property investor M&G Real Estate has committed £81 million to fund the construction of a warehouse for Euro Car Parts in Tamworth.
IM Properties, which owns Birch Coppice Business Park, with the supplier of car parts to take a 777,929 sq ft distribution warehouse on a pre-let deal.
M&G said today it had purchased the land from IM Properties on behalf of the M&G Property Portfolio of M&G Real Estate.
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It is the latest local deal for M&G after earlier this month both in Birmingham city centre.
The Birch Coppice site extends to around 35 acres and is pre-let to Euro Car Parts on a 20-year lease at an annual rent of £4.2 million with five-yearly, RPI-linked rent reviews.
Andrew Windle, associate director of logistics and industrial at M&G Real Estate, said: "There is very strong investor demand for new, prime distribution assets in the Midlands.
"This will be a prime development in a core location and is reflective of the fact we are currently seeing more relative value in longer dated prime assets."
Savills acted for M&G Real estate and IM Properties were represented by CBRE.