Aberdeen Standard Investments’ AIPUT fund (Airport Industrial Property Unit Trust) has today announced the completion of two new lease transactions at Airport Gate, Heathrow, with Automania Garage Services (AGS) and PRS Distribution together totalling nearly 100,000 sq.ft. Now responsible for almost 30% of lettings at Heathrow Airport in 2020, AIPUT is widely recognised as the lead operator.
AGS, a leading provider of round-the-clock vehicle maintenance and repair support for the aviation and commercial fleet sectors, has signed a 20 year lease to occupy Units 2 – 4 (58,000 sq.ft) at Airport Gate. Previously let to inflight catering company, Alpha LSG (now dnata Catering), AIPUT agreed commercial terms with AGS last summer to pre-let the warehouse space, conditional on securing detailed planning consent and delivery. Planning permission for the comprehensive refurbishment project was granted in December 2019, and despite the impact of the recent pandemic, construction continued on site safely and with minimal disruption. The timely construction of Units 2 – 4 was maintained to ensure the tenants could be open for business coinciding with their new contract with Mercedes-Benz, whilst providing their staff with a high quality and safe working environment. The project team were respectful of the Government’s guidance and social distancing measures throughout.
In addition, Units 5 – 7 (40,000 sq. ft) at Airport Gate have been let to freight forwarding company, PRS Distribution, a distribution and storage organisation with multiple years of experience in freight handling and freight movement, on a 5 year lease. Previously a tenant at AIPUT’s Blackthorne Point, PRS is a long-standing customer of AIPUT.
Located in an off-airport location on Bath Road, a major arterial road for Heathrow and the Thames Valley and just north of the airport perimeter road, Airport Gate, which totals 140,000 sq ft, is now fully occupied. Although the UK has faced significant disruption and stress in recent months due to the impact of Covid-19, AIPUT’s portfolio has continued to prove resilient, revealing new purpose and value from airport industrial property by supporting the processing of critical air-cargo to get the nation back on its feet, especially medical supplies, food and e-commerce.
Fraser Green, Asset Manager for Aberdeen Standard Investments, said: “We have gathered momentum and achieved a number of impressive deals this year. We are looking forward to welcoming AGS and PRS Distribution to Airport Gate, who will join a growing and successful AIPUT portfolio. The scale of our latest lettings further demonstrate a very real appetite for high-quality warehouse units with the best location and access to Heathrow.”
Richard Holmes, Joint Managing Director for AGS commented: “This is a really exciting time in our company’s development, and the new premises has really raised the bar for us. We have a number of growth ambitions which the business will now be able to meet from our futureproofed new home.”
Paul Sawdon at PRS Distribution added: “PRS go from strength to strength in 2020 – we have just added 40,000 sq ft of prime warehouse space at Airport Gate for our Special Operations Division to support our current customers with additional bespoke services for 2020/2021. We are delighted to be taking on 40,000 sq.ft. at Airport Gate. Location is key to the day-to-day operations of our business and this well-connected, distribution premises is exactly what we require.”
Airport Gate forms an integral part of AIPUT’s 2.1m sq ft portfolio of industrial warehousing serving Heathrow Airport.
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Notes to Editors:
- Aberdeen Standard Investments’ Airport Industrial Property Unit Trust (AIPUT) is an award-winning expert long-term investor specialising in industrial property on and near major UK airports. AIPUT is the only specialist airport-focused industrial fund in the UK for institutional investors with a life until 2036. AIPUT aims to deliver a positive ESG (Environmental, Social and Governance) performance impact throughout its portfolio, with a strategic target to achieve carbon neutrality by 2025. The fund has successfully achieved GRESB Green Star status in each of the last five years.
- The fund, which marked its 15 year anniversary in March 2020, manages a prime portfolio of properties providing high-quality and customised warehouse and logistics space:
- £650m assets under management (@ June 2020)
- 19 assets, amounting to c2.3m sq ft
- 1m sq ft of assets at Heathrow, making AIPUT one of the largest landlords around the airport, serving the evolving needs of the airport and the air-freight related industry
- Assets at London’s three major international airports: Heathrow, Gatwick and Stansted
- Target clients and investors – pension funds & expert institutional investors
- More information can be found at AIPUT’s dedicated website: aiput.co.uk
About Aberdeen Standard Investments
- Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients. With over 1,000 investment professionals, we manage £455.6 billion* of assets worldwide. We have clients in c.80 countries supported by over 40 offices globally. This ensures we are close to our clients and the markets in which we invest. (*as of 30 June 2020)
- We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
- Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange.
- You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/news-and-media
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