Canadian investor Ivanhoé Cambridge and UK logistics developer PLP have announced the acquisition of a new 135 acre logistics project located at South Caldecotte in Milton Keynes, south east England, via their existing logistics investment vehicle, PLP UK Logistics Venture (UKLV). Financial details were not disclosed.
The site was assembled by Hampton Brook who promoted its development through the local plan process. Following an outline planning consent secured in November 2020 Hampton Brook selected PLP to acquire the site and lead development.
The development is one of the most significant investments of its kind made within the UK. On completion, the project will extend to 100 acres and comprise a range of unit sizes from 30,000 sq ft up to 500,000 sq ft allowing PLP to meet the demands of both local businesses, last mile logistics facilities and large scale national and regional distribution hubs totalling over 2 million sq ft (185,000 m2) of space. The first phase of development is targeted for completion in the second half of 2022.
It will be the first major logistics park in the UK to be delivered with carbon net-zero construction and carbon net-zero ready for occupation, under the UK Green Building Council Framework
‘This acquisition marks another significant step in our commitment to European logistics and sustainable developments. This investment perfectly aligns with our global strategy and will stand as a model for future logistics parks in the UK and beyond, attractive to occupiers looking for high quality, sustainable and flexible space. We remain convinced about the opportunities in the logistics sector and expect to continue to expand our UK portfolio alongside our partners at PLP to build a leading platform,’ said Ajay Phull, head of investments UK at Ivanhoé Cambridge.
‘PLP Milton Keynes will become a flagship south east scheme for PLP. The existing outline consent means that we can deliver up to 2 million sq ft of state-of-the-art logistics facilities across a range of unit sizes and phases. A reserved matters planning application will follow the acquisition very quickly,’ added Neil Dickinson, Chief Investment Officer at PLP.