Peel Logistics Property, together with Rockspring Property Investment Managers LLP (“Rockspring”) as funding partners, have announced the letting of a 56,000 sq ft unit for a 10 year term to Universal Electrical Corporation (UEC) at its Island Road urban logistics development in Reading. UEC is an industry leader in systems solutions for power distribution and management and intend to use the unit for general storage and distribution requirements throughout the UK.
This is the second leasing deal signed at Island Road, which comprises three facilities totalling 256,000 sq ft. This letting to UEC follows the letting of 73,000 sq ft in October 2017 to British catalogue retailer Argos. The remaining unit (127,000 sq ft) is available for immediate occupation.
Neil Dickinson, Peel Logistics Property said: “The confidence we had to speculatively develop the units at Island Road is validated again by this letting to UEC. Island Road is another high quality urban logistics development by Peel Logistics Property and we look forward to welcoming an occupier for the final unit”.
Mark Krol at Rockspring said: “Rockspring’s focus on the development of urban logistics facilities across Europe continues to bear dividends as evidenced again with the second letting in quick succession at Island Road. We are very pleased to have secured UEC and welcome them to the development”.