China's Jingdong Property, in a joint venture with Prime Box, has exchanged to buy a 330,000-square-foot logistics warehouse in Wigan from Asda, CoStar News can reveal.
Jingdong Property is the logistics property arm of Chinese ecommerce giant JD.com. It has been a major investor in UK industrial property recently. Prime Box is an industrial developer founded by Toby Clowes and Richard Lord.
In a LinkedIn post, Prime Box said it would be joining Jingdong in undertaking an extensive refurbishment of the property taking it to an EPC A rating and upgrading the power supply to 3 MVA. The price being paid has not been disclosed.
Asda has sold the 322,198-square-foot distribution hub after vacating the space. The building is on Wheatlea Road on the Wheatlea industrial estate and has direct access to the A49 Warrington Road.
The low-site density warehouse has two yards with depths of 52.5m and 42m, 28 dock and 6 level loading doors with an eaves height of 12m. Prime Box said it will be well positioned in a North West market that has a constrained supply of good-quality buildings and added the refurbished warehouse will offer occupiers a cost-effective logistics solution.
Last June, funds managed by UK-based private equity firm TDR Capital agreed to acquire Zuber Issa’s shares in Asda while his brother Mohsin Issa remained a co-owner of the supermarket giant.
The company is 67.5% owned by TDR Capital, 22.5% by Mohsin Issa and 10% by Walmart. The Issa brothers acquired Asda as part of a consortium with TDR Capital in October 2021 for £6.8 billion from then-majority owner Walmart. In June 2023, Asda completed a sale and leaseback deal involving 25 food stores to Realty Income for £650 million.
Rock Real Estate and ACRE Capital Real Estate advised the purchasers and Colliers acted for the vendor.