Titan completes purchase of M54 logistics building

Investment firm Titan has snapped up a 200,000 sq ft industrial logistics unit in Wolverhampton.

The building, known as Unit 1 on the PIN54 scheme, was pre-let to bathroom and appliances firm PJH Group on a 15-year lease after the development reached practical completion earlier this year.

The value of the deal is undisclosed, however the building was marketed for offers in excess of £29.5m earlier this year.

The two-unit PIN54 development, asset managed by PIN Property, is located just off junction 2 of the M54, around five miles from Wolverhampton. The scheme comprises two modern warehouses with a combined floor space of 380,000 sq ft.

This acquisition marks Titan Investors’ fourth major logistics investment, following the purchase of Aberdeen One Logistics Park, Preston East, and the Asmodee headquarters in Hampshire.

Philip Meakin, director, Pin Property, said: “We are pleased to have completed a sale to Titan Investors, who will benefit from the long-term lease commitment with P.J.H. and the underlying future rental growth prospects given the quality of the real estate and location.”

JLL acted for the vendor, in association with Pin Property, with Adam Roberts of Christopher Dee LLP advising Titan Investors.