St. Modwen, the UK’s leading regeneration specialist, has completed the sale of Siemens’ new state of the art headquarters at Teal Park in Lincoln for its gas turbine division. The 135,000 sq ft development has been sold to a Middle Eastern purchaser, represented by 90 North Real Estate Partners LLP.
As the development partner for the project, St. Modwen handed the building over to Siemens last month following the successful completion of the construction phase. The move to the new facility secures Siemens’ presence within the region and, as anchor tenant for the business park, provides a global name to attract further businesses.
Stephen Prosser, Yorkshire and North East Regional Director for St. Modwen, comments:
“The sale is clear evidence that the right product with the right occupier will still attract investment when the market is challenging. Whilst our wider relationship with Siemens will continue, the sale of this new facility is in line with our strategy of exiting once the development phase is complete.
Nick Judd, Founder Partner at 90 North, said:
“We are delighted to have worked in partnership with St Modwen and our client in delivering this state of the art facility for Siemens. The acquisition is part of a strategy to acquire a substantial portfolio of new or modern, very well let manufacturing and logistics properties”.