Newly launched Chancerygate and Hines logistics JV expands portfolio
The joint venture between UK industrial developer Chancerygate and Hines has acquired a further 14.9 acres of sites.
The 50-50 joint venture, which was formed in September last year, has bought two sites in Bournemouth, Dorset, and Beeston, Nottinghamshire with a combined gross development value of around £50m (€58.3m).
Together, they will deliver 348,155sqft of multi-unit industrial and trade counter buildings, the companies said.
In Bournemouth, Chancerygate and Hines acquired an 8.5-acre site at Ferndown Park, Ferndown. The proposed scheme will provide 24 freehold and leasehold units totalling 192,887sqft. The development is scheduled for occupation in 2020.
In Beeston at Trent Gateway, the joint venture bought a 6.4-acre site for 16 freehold and leasehold units totalling 155,268sqft. These are scheduled for occupation later this year.
Chancerygate managing director, Richard Bains, said: “These are excellent acquisitions for our joint venture. They further demonstrate our intent and ability to find and secure locations throughout the UK which have untapped potential.
“In such areas, there is always high demand for the excellent standard of our product and high level of service we deliver.”
Hines senior managing director and UK head, Ross Blair, said: “These are two very promising acquisitions for the joint venture that will deliver much sought-after quality industrial schemes.
“Our partnership combines Chancerygate’s significant industrial market expertise with Hines’ investment, development and asset management capabilities.
The partnership bought its first two sites - located in Tonbridge, Kent, and Cheltenham, Gloucestershire - in February. With a combined gross development value of £36m, the two sites will also deliver multi-unit industrial and trade counter buildings.