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Nike signs 20-year lease for UK logistics hub
Warehouse, offices, sport facilities to be housed in a single building at GLP’s Magna Park in Corby
The Asset 10 May 2024

Nike has signed a 20-year lease agreement with real estate investment manager GLP for a new logistics campus and national supply chain hub at Magna Park Corby in the United Kingdom.

The campus will house in a single building more than 1.3 million square feet of logistics warehousing, offices, as well as sport and recreation facilities. It will target a BREEAM “Outstanding” rating and a Net Zero Carbon in Construction certification.

The new facility will be underpinned by a range of external features including running tracks, open-air gyms, multi-use game areas (MUGA), and recreation areas.

Magna Park Corby will benefit from an exercise route of 5.76 kilometres, a 2km nature trail, and 3.7km of other footpaths. The new campus will provide access to protected woodlands, with designated cycle and walking routes.

Legal & General will be the strategic partner in this project. It previously acted as strategic partner for the delivery of Waitrose’s first national distribution centre at Magna Park in Milton Keynes in 2014.

Bruce Topley, UK managing director at GLP, comments: “We are delighted to be welcoming Nike to Magna Park Corby. This new site will help boost skills and generate high-quality jobs.  The industry-leading, bespoke building will minimize carbon footprint and embed health and wellbeing. This investment is a great vote of confidence in the East Midlands and will help propel much-needed long-term growth across the region."

Neil Dovey, head of annuity transactions at Legal & General, adds: "Nike's UK Logistics Campus in Magna Park Corby is ideally aligned with Legal & General's commitment to investing long-term capital into assets that are economically and socially beneficial. We are delighted to be working with GLP, a developer aligned with our principles, to deliver a first-class building, and are looking forward to partnering with Nike as a long-term property owner following completion."

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