Air, Freight News

Business is booming, says Heathrow landlord

[ September 11, 2020   //   ]

Aberdeen Standard Investments’ AIPUT fund says it has bucked the Covid effect and has achieved full occupancy across its London area airport industrial real estate portfolio following the completion of several key lease agreements at Heathrow.  

AIPUT is one of the largest private landlords at Heathrow, with a portfolio of some 2.1m sq ft and has been responsible for almost 30% of new letting deals so far in 2020, amounting to almost 200,000 sq ft with a further 130,000 sq ft lease extension agreed with Kuehne+Nagel at its South Cargo Center. 

The fund has recently agreed an extension to its £200million revolving credit facility with RBSI (Royal Bank of Scotland International) through to late 2022.   

Earlier in 2020, AIPUT secured planning permission for two new warehouse buildings at its dnata City East site in Stanwell (115,000 sq ft) and the Blackthorne Point estate at Poyle (Slough) of 28,000 sq ft.  The former has been pre-let to dnata and will operate in conjunction with the 242,000 sq ft warehouse that began operations with dnata and its customers, Virgin Atlantic Cargo and Delta Cargo, in September 2019.  The two buildings at dnata City East will process around 10% of Heathrow’s total airfreight capacity.

The new warehouse at Blackthorne Point is being promoted as a opportunity for specialist temperature-controlled operators such as life sciences and perishables.