Prologis has reclaimed ownership of a former Arcadia Group distribution centre in Daventry, Northamptonshire, with online fashion retailer Boohoo signing for a long-term lease at the warehouse.
Prologis bought the property back from Arcadia’s administrators at Deloitte, having developed the DIRFT site for the retailer before it opened in 2019.
The administrators said the sale followed a “highly competitive” bidding process for the 404,000 sq ft location. The deal price was not disclosed, but Deloitte ‘s administrators said it generated a “significant return” above its latest book value.
Boohoo, which in recent months has snapped up several former Arcadia brands as well as the Debenhams name, will take on more than 330 Arcadia employees based at the site as part of a separate agreement with Prologis.
Together with sites in Burnley, Sheffield and Wellingborough, it said the new warehouse would give the group net sales capacity of more than £4bn.
Boohoo added that the deal would secure 500 jobs and create a further 1,000 as capacity at the site grows.
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