Global real estate investor BentallGreenOak has entered the UK logistics market with the purchase of two plots of land upon which it will build two warehouses, via a forward-funding arrangement.
Financial details were not disclosed.
BentallGreenOak is to build a 35,767 m2 cross-docked unit with a height of 15 metres and a 20,996 m2 unit with a height of 12.5 metres, the company announced. Construction will begin in September with delivery scheduled for between April and June 2020.
The two plots are located in Peterborough and comprise 131, 927 m2 in the Peterborough Gateway logistics park, which has direct access to the A1 motorway, and occupiers including Lidl, DPD, DSV, Urban Outfitters and Yearsley.
BentallGreenOak owns logistics facilities across Europe, in locations including Paris, Lyon, Munich, Madrid, Milan, Brussels, and Venlo. The purchases in Peterborough form part of an investment programme which has seen acquisitions made totalling more than 9 million m2.
Toby Phelps, managing partner of BentallGreenOak said: ‘At Peterborough, we are able to bring forward the remaining two plots on a very established logistics park, benefitting from a strategic location within 100 miles of London and the UK’s busiest container port at Felixstowe. The success of this logistics park has been driven by the quality of the location and access to an excellent labour supply.’
JLL advised BentallGreenOak on the transaction and has been retained as letting agents along with Burbage Realty and Bidwells.
BentallGreenOak was formed by the merger of Bentall Kennedy and peer GreenOak Real Estate last year, which created a €41.23 bn company.