Ivanhoé Cambridge and PLP’s UK logistics real estate investment venture has bought a 135-acre logistics project site in Milton Keynes.
The PLP UK Logistics Venture (UKLV) has bought the site at South Caldecotte to develop a business park environment for modern logistics and manufacturing occupiers. Financial details were undisclosed.
The site was assembled by Hampton Brook who promoted this strategic site through the local plan process and successfully secured its allocation in March 2019. Following an outline planning consent secured in November 2020, Hampton Brook selected PLP to acquire the site and lead development.
On completion, the project will extend to 100 acres and comprise a range of unit sizes from 30,000sqft up to 500,000sqft. The first phase of development is targeted for completion in the second half of 2022.
Ajay Phull, head of investments UK at Ivanhoé Cambridge, said: “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.”
Neil Dickinson, CIO at PLP, said: “PLP Milton Keynes will become a flagship south east scheme for PLP. The existing outline consent means that we can deliver up to 2m sqft 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.”
Established in 2015, the PLP platform is owned by Macquarie Capital, Peel Group, Ivanhoe Cambridge and its senior management team.
To read the digital edition of the latest IPE Real Assets magazine click here.
