Legal & General has invested £23m (€25m) to buy a UK urban logistics scheme from Fiera Real Estate and its development partner Wrenbridge.

The investment, made by LGIM Real Assets on behalf of its Managed Property Fund, involves the acquisition of Boxset 64 and 75, the 139,288sqft scheme at Boxset industrial estate in Basildon.

Boxset is a new development, situated on a 10-acre site within 45 minutes from central London. Wrenbridge bought and developed the site in 2018, on behalf of Fiera Real Estate Opportunity Fund IV (UK).

Mark Russell, senior fund manager of Legal & General’s Managed Property Fund, said: “The purchase of Boxset 64 and 75 supports our strategy to increase weightings to the mid-box urban logistics market.

“Newly purpose-built, the units are very well positioned to serve their intended market at a compelling price point.”

Legal & General said the fund is continuing to push forward with its investment strategy to redeploy capital into key growth areas, seeking to increase its weightings to the industrial sector and targeting mid-box urban logistics assets.