North Americans unveil Peterborough power play
North American real estate powerhouse BentallGreenOak has bought two land plots totalling 32.6 acres and the forward funding of two high-quality prime logistics assets in Peterborough as part of the company’s strategy to acquire assets in Europe’s key logistics nodes.
Bidwells has been retained as letting agents along with Burbage Realty and JLL.
The development forms part of the wider Peterborough Gateway logistics park that has direct access to the A1M motorway and where occupiers include Lidl, DPD, DSV, Urban Outfitters and Yearsley.
The development will comprise two buildings, a 385k sq ft cross-docked unit with an eaves height of 15m and a 226k sq ft unit with an eaves height of 12.5m.
Construction for both buildings will start on site in September and completed in Q2 2020. Roxhill have been appointed as developer for the project with Winvic acting as general contractor.
The investment represents BentallGreenOak’s entry into the UK logistics market, further expanding an investment program focused on the European logistics sector which over the past five years has acquired in excess of 30m sq ft of assets.
The platform consists primarily of large, modern facilities, leased to a diversified list of tenants. Locations include key gateway logistics nodes and capital cities of Europe, such as Paris, Lyon, Munich, Madrid, Milan, Brussels, and Venlo.
Toby Phelps, Managing Partner of BentallGreenOak said: “Our investment at Peterborough Gateway builds on our extensive track-record in the logistics market throughout Europe.
“At Peterborough, we are able to bring forward the remaining two plots on a very established logistics park, benefiting 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 and we look forward to delivering these two units to the market in Q2 2020.”
Bentall Kennedy in Toronto merged with New York and London firm GreenOak Real Estate merged last December to create a $47 billion global real estate investment platform.
• Contact Bidwells’ head of industrial and logistics, Patrick Stanton, for more details: patrick.stanton [at] bidwells.co.uk