Investec鈥檚 UK value-add real estate equity strategy has teamed up with Kier Property to develop 拢400m (鈧�482m) worth of urban logistics assets in England.
The joint venture between Investec Realis and property developer Kier has acquired its first development site, a 4.4-acre former office property in Hemel Hempstead, Hertfordshire, for the construction of a seven-unit Trade and Logistics City scheme which will provide 87,000sqft of industrial space.
This is the third acquisition by Investec Realis since its creation a year ago, and its first in the industrial and logistics development sector.
Yon Papageorgiou, head of real estate equity investments at Investec, said: 鈥淭he UK urban logistics sector continues to benefit from compelling structural tailwinds 鈥� namely, an increase in onshoring and e-commerce penetration, whilst the erosion of industrial land in major UK cities is reducing supply and underpinning attractive rental growth.
鈥淜ier Property is a trusted, long-term partner with a market-leading development and sub-sector track record, which we can leverage to access this highly granular part of the market whilst also minimising any planning and speculative development risk.鈥�
Leigh Thomas, group MD at Kier Property, said: 鈥淭his first acquisition on behalf of this new joint venture with Investec is a significant opportunity to deliver a sustainable and high-quality trade and logistics development in a prime location.
鈥淗emel Hempstead鈥檚 excellent connectivity, strong market yields, and established industrial base make it an ideal location for businesses looking to expand.鈥�
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