Real estate developer Clowes Developments has reached a $140.9 million (£100 million) deal with British insurance company NFU Mutual. The company will be responsible for the development of six new Class A logistics facilities, five of which will be constructed speculatively and the sixth will be pre-leased facilities.

The total area of these facilities will exceed one million square feet and will be located at three locations in Clowes Developments, including EMDC, Castlewood Business Park and Centrix Park.

The company noted that the equipment will range from 58,586 square feet in Centrx Park to 250,000 square feet in EMDC. Clowes Developments said these properties include the new 162,500 square foot Deichmann-Shoes UK building in Centrix Park in Corby. Developed by contractor Winvic Construction, the property has obtained planning permission and will be completed as early as January 2022.

Of the last two large plots of the 120-acre Castlewood Business Park at junction 28, two units of 176,817 square feet will be built on plot 1 and another will be built on plot 8. Units with an area of 134,192 square feet. EMDC will also develop two larger buildings of 189,573 square feet and 249,418 square feet. James Richards, director of Clowes Developments, said: "This transaction shows confidence in the market." For NFU Mutual's commission of Clowes Developments to invest a large amount of capital, this is a recognition of the degree of development of the group.

"This transaction is the largest transaction we have reached as a group so far, but we have other transactions in progress, which is an exciting time for the company," said Paul Shanley, director of Clowes Developments: " The planned application is ready, and we are ready to see live events from the end of summer. "Due to the current lack of high-quality'greenhouse' inventory, the time to take advantage of market conditions seems to be just right. "Editor/Sang Xiaomei