THE firm aiming to develop the former Parkside site in Newton-le-Willows has secured a major investment.

Langtree, which is also behind SciTech Daresbury and developments in neighbouring Warrington, has received the boost.

Now PGIM Real Estate has acquired a 25 per cent stake in Langtree, on behalf of an investment strategy, in a multi-million pound deal.

John Downes, Langtree’s chief executive and its majority shareholder, was a key figure in the developement of Saints' stadium at Peasley Cross a decade ago.

Speaking of the investment, he said: “We are delighted to have secured this equity investment into the business.

"PGIM Real Estate has tremendous strength in depth and a wealth of experience supporting joint ventures, which is a key aspect of our business.

"Their investment is a real show of confidence in what we are doing and gives Langtree a tremendous platform to grow, with new opportunities now being a real target.”

Charles Crowe, head of UK transactions at PGIM Real Estate, said: “We have worked with the Langtree team for more than 10 years on numerous ventures.

"They already manage more than £400 million of investment and development assets on our behalf and so taking an equity share in the development business was a natural next step.

"Langtree has a strong management team with a wide range of expertise and together with the strengths that we can bring to the business, we are excited about the future and keen to start exploring new opportunities.”

PGIM Real Estate is the real estate investment business of PGIM, the US$1.4 trillion global investment management businesses of US-headquartered Prudential Financial, Inc.

Plans to develop the former Parkside pit site into a major logistics hub and create a link road are currently the subject of a public inquiry.