UK Active, in conjunction with Birmingham-based Trigram Properties, will rebrand the complex as Drayton Manor Business Park. It plans to refurbish 300,000 sf of vacnt space ahead of a phased development of part of the site for industrial and office uses. The site is located within ten minutes of both Junction 9 of the M42 and the new M6 Toll Road.

Matthew Hunt, of HSBC Specialist Investments and UK Active commented: "We hope that the transaction will become the template for many more similar acquisitions as the corporate sale and leaseback market is an area in which we expect to increase our presence. This particular deal is a 'win-win' situation as it provides Foseco with a flexible leasing structure whilst providing an opportunity for UK Active to refurbish and develop surplus parts of the site for which strong indications of interest from prospective occupiers have already been received".

Cyril Leonard acted for UK Active/Trigram Properties and GVA Grimley acted for Foseco. Letting agents will be King Sturge and Cosnett Price.