Financing gets the green light for state-of-art GE facility in Stafford, UK
22nd August 2016
- Legal & General to fund GE Grid Solutions’ 180,000 sq ft manufacturing site in Stafford
- The facility will house GE’s worldwide Excellence Center for High Voltage Direct Current technology
- The project reinforces a 60-year commitment to investment and development in Stafford
GE announced on 16 August 2016 that Legal & General Investment Management Real Assets (LGIM Real Assets), part of Legal & General Group PLC, has agreed to forward-fund a new, 180,000 sq ft manufacturing facility for GE Grid Solutions in Stafford, UK. Located within the Redhill Business Park, the state-of-the-art project will accommodate GE’s High Voltage Direct Current (HVDC) and Systems operations. Both are moving from existing locations at nearby St. Leonards Avenue.
GE is building on a long manufacturing heritage in Stafford. For over 60 years, GE legacy brands from English Electric to GEC, Areva and Alstom have nurtured a reputation for industrial excellence within the community. HVDC technology, made in Stafford, is currently being installed in some of the world’s largest energy transmission interconnection projects, including Sweden’s South West Link and Brazil’s Rio Madeira.
The new project represents phase two of GE’s expansion into Redhill. Phase one comprises a neighbouring 200,000 sq ft facility, set to house GE’s Automation business as of Fall 2016. When both buildings are complete in 2017, GE will employ approximately 1,100 people on site.
The new facility is being developed by global integrated property group, Goodman. LGIM Real Assets is purchasing the new site for its Limited Price Inflation (LPI) Income Property Fund from Stafford County Council, with planning permission already granted for development.
Cyril Leonard advised GE Grid Solutions on the linked site purchase, pre let and development funding, Marick Capital advised LGIM Real Assets.