Pan-European industrial real estate investment manager Boreal IM (“Boreal”) has completed one of the largest industrial lettings in the West Midlands in 2026.
Global cardboard manufacturer Diamond Box, part of Onboard Holdings, has signed a 20-year pre-lease to become the single tenant at Bilston, the 300,000 sqft modern distribution warehouse in Wolverhampton managed by Boreal.
Situated on a 16.23-acre site in Bilston, the property occupies a prime logistics location at the heart of the West Midlands’ “Golden Triangle”, offering strong regional and national connectivity. The asset benefits from access to a catchment of approximately 30–45 million people within a four-hour drive time. Birmingham city centre is approximately a 20-minute drive away, while Junction 10 of the M6 motorway is within 10 minutes. Nearby occupiers include Screwfix, DPD, B&Q and BCA.
Constructed in 2005, the property is currently undergoing a refurbishment programme, with Boreal pivoting its active asset management strategy after the unexpected liquidation of the previous tenant, Poundland, in Q1 2026. Boreal is repositioning the building, with its in-house development team set to deliver a light touch refurbishment within a 15-week timeframe.
The works will enhance the asset to institutional-grade standards, with a strong emphasis on sustainability. The refurbishment is targeting an EPC A rating and a BREEAM “Very Good” certification, alongside the installation of photovoltaic panels and electric vehicle charging infrastructure.
The UK is a key target market for Boreal, where it manages approximately 1.3m sqft of assets as part of a 1.6million sqm pan-European portfolio. Other UK assets are situated in prime industrial locations of London, Milton Keynes and Tamworth.
Will Preece, Principal at Boreal IM, commented: “Bilston exemplifies the type of asset Boreal targets: well-located, institutionally specified properties with clear potential for active, value-enhancing asset management.
“Our team acted decisively to reposition the asset, leveraging our integrated development and asset management capabilities to secure a high-quality occupier within a condensed timeframe. This demonstrates our ability to respond quickly and pragmatically to changing circumstances, while maintaining continuity of income for our investors.
“We are pleased to welcome Diamond Box as a tenant, further reinforcing the strength of an asset located within an established employment area, supported by excellent infrastructure and complementary occupiers.”
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