Aviva Investors provides £90m financing for Iceland’s largest UK distribution warehouse

Aviva investors, the global asset management business of Aviva plc, has announced the completion of a deal to fund the development of a large, retail distribution unit at Omega Business Park in Warrington.

Iceland Foods has pre-let the site on a 20-year lease, making it the company’s largest distribution centre in the UK, serving the north of England, north Midlands, and Wales.

Aviva will provide £90m in funding for the cross-docking unit, the site of which totals more than 24 acres and will provide over 505,000 sq ft of gross internal floorspace.

Omega Business Park is one of the largest distribution parks in northwest England, comprising 575 acres of land and conveniently located to take advantage of transport networks including the M6 and M62 motorways.

James Stevens, Head of Real Estate Investment at Aviva Investors, said:

“We are pleased to complete a deal which extends our programme of development across the UK, particularly on a high-specification asset in one of the country’s strongest logistics locations. The credentials and partnership with a high-quality developer and leading occupier serving an essential sector of the economy, give us confidence that it will deliver strong sustainable income returns over the long-term.”

Mason Owen acted on behalf of Aviva Investors.