East Midlands Airport (EMA) has named logistics real estate company Prologis as its development partner for a new industrial logistics and advanced manufacturing park.
The partnership announcement from Manchester Airports Group (MAG), EMA's owner, follows Chancellor Rachel Reeves' speech on Wednesday, 29 January.
The new development will be situated within the East Midlands Freeport tax site, designed to boost economic growth, investment and employment in the region.
Chancellor of the Exchequer Rachel Reeves said: "This investment in East Midlands Freeport demonstrates the UK's strength as a hub f
or innovation."
She further described the development as reinforcing the UK's position as a leader in advanced manufacturing and logistics.
The site is expected to help secure £1bn of investment in and around the airport, forming part of an innovation corridor across MAG's airports throughout the North, Midlands and South East. This corridor will focus on key growth sectors, including life sciences and advanced manufacturing.
Located south of the airport, the development will offer businesses tax and customs relief, alongside simplified import and export procedures.
A planning application has been submitted to North West Leicestershire District Council. If approved, the project is forecast to:
- Create up to 2,000 new jobs
- Generate £132m in annual economic growth (GVA) for the East Midlands
- Contribute £9m in additional business rates
As part of the agreement, Prologis will establish a dedicated logistics training and education centre in Leicestershire.
The airport is also expanding its cargo operations to meet increasing demand.
According to Prologis research, air cargo volumes are expected to see double-digit growth by 2025, with EMA's cargo operations predicted to grow by 54% by 2043.
Steve Griffiths, EMA's Managing Director, said: "I'm delighted to announce Prologis as our global development partner and excited by the prospect of unlocking significant investments in East Midlands Freeport for the region."
Paul Weston, Regional Head of Prologis UK, added: "Our shared vision is to harness EMA's Freeport status and central location to create a high-impact gateway that drives economic growth, innovation and employment opportunities across the Midlands.
"By applying our logistics development expertise, we are confident this partnership will deliver substantial benefits for both the local community and the wider UK economy."