2nd Apr 2019 11:50
LONDON (Alliance News) - Real estate investment trust McKay Securities PLC said Tuesday it had appointed Readie Construction as its contractor to develop a logistics park in Reading, UK.
McKay said construction of the 134,000 square foot Theale Logistics Park would start "imminently". Completion is expected in December 2019 and marketing for the property has already begun.
The park is located adjacent to M4 motorway and is five miles from the centre of Reading. The demolition of the former site was completed last year and the new facility with increase the floor area by 39%.
McKay had bought the initial 96,000 square foot warehouse in April 2015.
"Theale Business Park's prime location provides good access to Reading, a metropolitan hub, whilst also providing strong connectivity to the wider UK motorway network and last mile delivery routes," McKay Chief Executive Simon Perkins said.
"The Theale site is well placed to benefit from the ongoing low levels of supply of quality mid-size distribution space in the Thames Valley alongside the continued growth of e-commerce supporting the logistics sector", Perkins added.
Shares in McKay were 1.3% higher at 242.00 pence on Tuesday.
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