A fund managed by JP Morgan Asset Management has partnered with UK commercial property developer Graftongate to acquire an 8.5-acre development site for a £75m (€89.1m) logistics project.
The site in Reading has planning consent for the development of a 160,000sqft logistics scheme, comprising four new warehouse units.
The acquisition of the Reading International Logistics Park, for an unspecified amount, represents the initial investment for a £500m joint venture between JP Morgan and Graftongate.
Alex Thomason, director at Graftongate, said: “We are pleased to have secured the strategic acquisition of Reading International Logistics Park with JP Morgan. The site provides an excellent opportunity to develop a last-mile logistics scheme in a densely populated urban area in the Thames Valley.
“We intend to target core markets for speculative development, with a focus on key conurbations and strategic locations where there is an acute lack of supply.”
To read the latest IPE Real Assets magazine click here.
