Accommodating growth within Logicor’s UK portfolio
Rico Logistics Ltd
09 Jul 20
The Logicor team helped its existing customer Rico Logistics Ltd to grow within the Logicor portfolio by moving them from their existing premises in Olbury to a larger unit, in order to meet the company’s expansion needs. A new lease was secured on Logicor’s 164,311 sq ft warehouse at Minworth Central in Minworth, near Birmingham.
The Logicor team helped the logistics company move from its existing 26,000 sq ft premises within Logicor’s UK multi-let industrial portfolio, to the larger Logicor Minworth Central distribution building, securing a new long-term lease for the growing company.
Minworth Central is located north east of Birmingham, within a few minutes’ drive of the M6, M6 Toll and M42 motorways.
Anthony McCluskie, Director, Asset Management, for Logicor’s UK team, comments: “We identified Rico Logistics growth plans and worked closely with them to support their expansion aims. The company had two years unexpired on its existing lease in Oldbury and I am delighted we were able to facilitate their move to the larger Logicor premises which better suits their needs.”
Sanj Sharma, Global CEO of Rico Logistics, adds: “Due to Rico Logistics being an existing customer of Logicor and having a close relationship with them, we had open discussions in relation to our expansions plans, during which Logicor identified a potential solution to expand our business into their vacant building at Minworth Central whilst simultaneously surrendering our lease at Oldbury.
To make the transaction work from our side, Logicor had to incorporate a number of our business’s requirements including the funding of various works at Minworth and ensuring we didn’t have a period of double overheads. This was a complicated deal involving a number of elements, but Logicor did an excellent job of working closely with us to tight timescales in order to facilitate our expansion plans.”
Logicor was able use its extensive portfolio to provide a solution for Rico’s expansion needs while securing a new long-term on its vacant unit.