Gazeley takes 100% ownership of flagship UK development site (UK)
Wednesday 23 May 2012
Gazeley, a leading global developer of logistics warehouses and distribution parks, has taken 100% ownership of flagship UK development site, Magna Park Milton Keynes, after purchasing the remaining 50% interest, for an undisclosed sum, from its joint venture partner Land Securities.
Having been joint venture partners since the mid-1990s, when options were acquired over the land, Gazeley and Land Securities have spent over 10 years developing the site. During this time permission has been secured for 3.4 million ft² (approx. 316,000 m²) of land, of which 1 million ft² is already occupied by major brands such as John Lewis and River Island.
Nigel Godfrey, Executive Director at Gazeley, said: “Magna Park Milton Keynes is one of the most important logistics parks in the South East and is considered an important acquisition for Gazeley.
“We see this as one of the crown jewels in our UK portfolio and have been keen to take 100% control of this premier site for some time. With this acquisition Gazeley will have the freedom and flexibility required to initiate the next phase of development at this key site.”