Honda today announced it has sold its iconic Swindon factory to Panattoni, Europe’s largest developer of new build industrial and logistics facilities.

The Japanese car manufacturer purchased the site in Wiltshire in 1985 and two years ago announced it was ceasing production there in July, at the end of the current model cycle of the Civic Hatchback

The American real estate giants have promised to invest £700m into redeveloping the 370-acre complex. Following the end of production on July 30th, Honda will immediately start the decommissioning process and it is anticipated to be legally handed over in Spring 2022.

Jason Smith, Director at Honda of the 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.”

Susie Kemp, Chief Executive of Swindon Borough Council, added: “The new opportunities outlined by Panattoni will be a major step in Swindon’s rejuvenation following Honda’s exit. Their investment offers a significant boost to the local economy

and we are excited by the prospect of this redevelopment creating thousands of jobs for Swindon and the surrounding area.

“We already have a strong working relationship with Panattoni following their recent development of the adjacent site, Symmetry Park, and look forward to working with them over the next year. We understand that Honda’s key aim was to identify a responsible new owner and I believe today’s announcement demonstrates that.”

As part of its continued efforts to leave a positive legacy in the local community, Honda will assess opportunities for small sections at the edge of the site that are not required for Panattoni’s development to be utilised by the neighbouring communities.