Honda will sell on its Swindon factory to industrial property developer Panattoni when it leaves the site in July, it was announced today.
It is expected that the site will be handed over to the European firm in the spring of 2022, the carmaker said. It did not disclose the value of the deal.
Following a global restructuring in 2019, the Japanese auto maker, which builds the Civic at the factory, decided to close the site.
Production will finish at the end of July, whereupon the firm will begin to decommissioning of the factory.
Panattoni, which develops industrial and logistics facilities, said it would invest £700m into the site.
Jason Smith, Honda’s director of UK manufacturing, said: “We are pleased to have identified a capable new owner of the site.
“From our engagement with Panattoni and initial discussions with Swindon Borough Council, we are confident that the new owner can bring the development forward in a commercially timely fashion and generate exciting prospects for Swindon and the wider community.”
Matthew Byrom, managing director of Panattoni in the UK, said: “The acquisition of the 370-acre Honda facility demonstrates our capabilities to work at scale.
“The re-development of this strategic employment site will deliver thousands of new opportunities in roles which underpin the operation of the local and regional economy.”
Swindon is the site of Honda’s only factory in the UK. Production at the facility has had to be paused three times in the last few months due to a shortage of car parts.