Hankook Tyre UK has announced the signing of an agreement with Prologis, the UK’s leading developer of logistics property, for the provision of a brand new build-to-suit unit at Prologis Apex Park in Daventry. The South Korean tyre manufacturer's UK subsidiary has used Daventry, including Apex Park, as its main distribution hub for some time, and has agreed terms to take DC9, a high-spec unit comprising 357,221 sq. ft. on a 22-acre site on the park. Construction is due to be completed in early 2024.
Since entering the competitive UK tyre market in 1993, Hankook has been a leader in the industry in terms of product performance, innovation, productivity, and sustainability. This new development is part of the company's plans to continue growing its UK business, and Apex Park's location on the northern edge of Daventry in Northamptonshire is a prime spot for the project. The site sits within the logistics ‘golden triangle’ at the heart of the UK’s motorway and rail network, with convenient access to the A45, M1 and M45, as well as the rail freight facilities located at nearby Prologis RFI DIRFT. Other Prologis customers at Apex Park include Toolstation, JD Wetherspoon, Hellmann Logistics, Optima Logistics, and Cummins.
Construction of DC9 at Apex Park for Hankook is an example of Prologis's ability to offer customer-centric development, with the unit size and specification tailored to meet Hankook’s requirements from the outset. Chang Yool Han, Managing Director of Hankook Tyre UK, expressed excitement at the company's future growth prospects and praised the Apex Park location for being an "obvious choice" that would allow the firm to provide continuity for its existing staff while executing growth in a sustainable and eco-friendly manner. Hankook has been working with its advisors, Drake & Partners and Excello Law, for a significant period to understand its current and future requirements to grow the business, and Prologis has also worked closely with the firm to accommodate its needs.
James Straw, Associate, Capital Deployment and Leasing at Prologis UK, noted that Hankook has been a customer of the company at Apex Park for a number of years and expressed delight at the opportunity to provide a new state-of-the-art logistics facility for the company's future growth and expansion. Prologis has a strong track record of delivering build-to-suit projects and is constantly looking for ways to improve its buildings. The company is thrilled to be delivering a building that will meet Hankook's high expectations both operationally and from a sustainability perspective. Construction will soon be underway, and both Hankook and Prologis are looking forward to seeing DC9 come out of the ground.
The partnership between Hankook and Prologis is a significant step in the growth journey of Hankook Tyre UK. The state-of-the-art logistics facility is expected to be a vital component in the company's continued growth in the highly competitive UK tyre market. With the unit size and specification tailored to meet Hankook's requirements, the company will be able to execute its growth in a sustainable and eco-friendly manner while providing continuity for its existing staff.
