Ivanhoé Cambridge is expanding its UK logistics investments with the acquisition of four development projects via its partnership with PLP.
The C$60bn (€39.87bn) property investment arm of Quebec’s sovereign fund, Caisse de dépôt et placement du Québec has led a PLP UK logistics venture and other investors to buy the projects to develop over 2.6m sqft of logistics space for more than £300m (€346.8m).
The four sites have a combined land area of more than 130 acres and are located in Leeds, Sheffield, Crewe and Knowsley.
Specialist UK logistics and industrial property firm PLP plans to commence speculative development on three of the sites during 2019. The delivery of the four projects is forecast for 2020 and 2021.
Established in 2015, the PLP platform is owned by Macquarie Capital, Peel Group, Ivanhoe Cambridge and its senior management team.
The latest deal is part of PLP and Ivanhoé Cambridge plan to “pursue a risk-adjusted opportunistic strategy” in the UK logistics market and maximize future performance, the companies said.
These new developments complement the existing assets and increase the portfolio’s managed assets to £500m on a completed basis.
Karim Habra, head of Europe, Ivanhoé Cambridge, said: “With this new acquisition of a prime development portfolio, we are on track to becoming leaders in the sector.
“This investment aligns perfectly with our global strategy to invest in high-quality logistics real estate in key hubs around the world.”
Jeremy Greenland, CEO, PLP, said: “We are very excited about these acquisitions. All four sites will offer occupants a turnkey operation and provide the opportunity for PLP to deliver high-quality logistics space in a variety of configurations.
“Beyond these acquisitions, we continue to look for prime logistics developments and assets in key markets.”