Malaysian investors have bought a string of properties in the West Midlands as part of a £200 million deal.
Malaysia's state pension scheme the Employees Provident Fund (EPF) has bought a selection of buildings on three estates in the region - The Hub, in Witton, Birch Coppice Business Park, near Tamworth, and Solihull Business Park, by junction four of the M42.
The entire portfolio included in the deal comprises 18 separate properties on business parks and industrial locations stretching from Heathrow to Birmingham, totalling two million sq ft.
The EPF said it was keen to take a stake in the region's logistics and distribution sectors after a strong upturn in those markets over the last two years.
Capital from the sale will be used to buy new sites and support IM Properties' existing development projects including the revamp of 55 Colmore Row, in Birmingham city centre, and a major expansion of Blythe Valley Park, in Solihull, which includes a new hotel and around 750 homes.
Managing director Tim Wooldridge said the value of the schemes within the sale had been driven up by the strength of the region's automotive sector and its long-term appeal to logistics and distribution companies.
"Jaguar Land Rover has grabbed the headlines in recent years, with its £1.5 billion investment programme at the i54 engine plant on the outskirts of Wolverhampton and its production plants at Castle Bromwich and Solihull," he said.
"Often, the focus is purely on the jobs which are created but there is also a huge boost for its supply chain and the firms which in turn supply those companies.
"These businesses need quality space, typically within an hour's drive of JLR's plants, and that demand has driven up the value of our industrial assets.
"At the same time, the ever-growing internet shopping sector has made retailers and their distributors look for space nearer to the region's major population centres.
"We have always been opportunistic in our approach to deal-making and thought it the ideal time to test the market for our industrial portfolio."
CBRE acted on behalf of IM Properties on the sale.