Pan-European industrial real estate investment manager Boreal IM has completed an industrial letting in the West Midlands.
Global cardboard manufacturer Diamond Box, part of Onboard Holdings, has signed a 20-year pre-lease to become the single tenant at Bilston, the 300,000ft² modern distribution warehouse in Wolverhampton managed by Boreal.
Constructed in 2005, Boreal is repositioning the building, with its in-house development team set to deliver a light touch refurbishment within a 15-week timeframe.
The refurbishment is targeting an EPC ‘A’ rating and a BREEAM ‘Very Good’ certification, alongside the installation of photovoltaic panels and electric vehicle charging infrastructure.
Boreal IM principal, Will Preece, said: “Bilston exemplifies the type of asset Boreal targets: well-located, institutionally specified properties with clear potential for active, value-enhancing asset management.
“Our team acted decisively to reposition the asset, leveraging our integrated development and asset management capabilities to secure a high-quality occupier within a condensed timeframe.
“This demonstrates our ability to respond quickly and pragmatically to changing circumstances, while maintaining continuity of income for our investors.
“We are pleased to welcome Diamond Box as a tenant, further reinforcing the strength of an asset located within an established employment area, supported by excellent infrastructure and complementary occupiers.”
