AIPUT signs major letting at Glasgow Air Cargo Centre

- Group

SWIP (Scottish Widows Investment Partnership) today announces that its Airport Industrial Property Unit Trust (AIPUT), a specialist owner and manager of airport related industrial warehouses, has signed a significant letting with Expeditors International an existing operator at Glasgow Airport.

Expeditors, a leading global logistics company headquartered in Seattle, Washington, has committed to taking 15,000 sq ft of warehousing space at AIPUT's Air Cargo Centre to consolidate its freight hub operation at Glasgow Airport and grow its logistics services to its international client-base.

This is one of the most significant 'off airport' lettings at Glasgow Airport in the last five years.

Air Cargo Centre - situated adjacent to Glasgow Airport - is a strategic asset for AIPUT and currently provides approximately 150,000 sq ft of quality warehousing space to the aviation community. The estate is already home to a number of international renowned names including UPS, UTI Worldwide, Alpha Catering and Saints Transport.

There is currently strong interest being expressed in the last remaining unit on the estate which extends to approximately 10,000 sq ft.

Nick Smith, Fund Manager for AIPUT within SWIP's Real Estate Team, commented:
“SWIP, on behalf of AIPUT, is delighted and proud to be announcing this significant transaction alongside their established and valued customer Expeditors. This deal represents a significant commitment from both AIPUT and Expeditors to Glasgow Airport and reaffirms Glasgow Airport's ambition as a growing international airport.

“This project is indicative of how AIPUT is dedicated to delivering world-class solutions and service excellence to our customers, and in delivering an exceptional asset for our investors. We look forward to forging a deeper and stronger relationship with Expeditors both here in Glasgow and at our other holdings throughout the UK.”

Neil Cockburn, Director of the Glasgow Office of Jones Lang LaSalle, commented:
“AIPUT's flexibility and commitment to delivering a quality product was instrumental in ensuring that Expeditors remained and indeed expanded their operation within Air Cargo Centre at Glasgow Airport.”

AIPUT was represented by Jones Lang LaSalle, Ryden, Chappell King and Dundas & Wilson. Expeditors were represented by O'Connor Kennedy Turtle.

May 2013