21 April 2017
Lincoln, UK
Reporter: Katherine Brown

90 North exits Siemens UK gas turbine HQ

Real estate investment firm 90 North has sold Feilden House in Lincoln to Siemens PLC, a global engineering and technology services company.

The acquisition is part of Siemens’s UK overhaul facility for its gas turbines.

Siemens plans to extend the existing 136,000-square foot office and industrial warehouse space by approximately 75,350 square feet, to create a global service operations centre.

The company’s total investment is estimated to be around £35 million.

Nick Judd, founder and head of investment at 90 North, said: “The exit completes a near five-year cycle following the original construction funding provided by clients of 90 North.”

He continued: “Delivering a projected 12 percent net internal rate of return to investors, the investment will have materially outperformed the business plan and we are delighted to have sold the site to Siemens for the creation of a world class global service operations centre.”

Siemens aims to improve efficiency at the company by building the global service operations centre to provide additions solutions for its customer base.

Building work for the facility is scheduled to begin in May 2017 and finish in January 2018.

RY Partnership and BNP Paribas advised the seller and Rapleys advised Siemens.

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