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ST. MODWEN EXCHANGES CONTRACTS ON NEW SIEMENS TURBINE SERVICE FACILITY WITH CLIENT OF 90 NORTH REAL ESTATE PARTNERS

St. Modwen, the UK’s leading regeneration specialist, has exchanged contracts on the sale of Siemens’ new state of the art facility at Teal Park in Lincoln, with completion of the sale expected to take place in October 2012. 90 North Real Estate Partners LLP is representing the Middle Eastern purchaser.

The complex project, which began in January 2012 with the erection of the steel framework, has progressed extremely well and is scheduled for completion in September when Siemens gas turbine services business will relocate from its existing sites in Lincoln to the new facility.

As Siemens’ development partner, St. Modwen has overseen the design and build phases of the project and worked closely and sensitively with the different parties involved including Siemens, Lincolnshire County Council, and North Kesteven District Council to deliver the project within demanding timeframes.

The exacting standards of the project, which have been met by St. Modwen, have resulted in the facility achieving a ‘BREEAM Excellent’ rating in recognition of its sustainable design.

Stephen Prosser, Yorkshire and North East Regional Director for St. Modwen, comments: “Construction on site is going very well and we are pleased with the progress.  We are extremely pleased and proud that the facility has been rated as ‘BREEAM Excellent’ which comes as a result of the close working relationships we have had with Siemens and the dedication of the entire team involved with the project. The quality of the product has been a major factor in helping us with the sale to 90 North’s client which will complete when the facility is handed over to Siemens later in the year.”

Nick Judd, Founder Partner at 90 North, said: “This is our client’s first major acquisition for a programme to invest in similar new or recently constructed industrial and warehouse properties in the UK leased to well known, high quality tenants. We are really enjoying working in partnership with St. Modwen and our client and look forward to shortly progressing similar opportunities in the UK.”

James Caan, Chairman and co-founder of 90 North commented: “I am delighted we have executed this transaction with St. Modwen. In many ways it highlights the value of how 90 North works in partnership with clients, developers and other parties.”

WSB acted for St. Modwen.