Logistics real estate developer Panattoni has acquired a 26-acre development site in the UK from Abrdn for £150m (€173m).

Panattoni said the site in Sittingbourne, an industrial town in southeast England, has planning consent for two distinct units, spanning 439,228sqft and 205,320sqft, which will be speculatively developed.

Construction is due to commence at the end of the fourth quarter of 2023, with a targeted completion date in the fourth quarter of 2024, the company said.

The Sittingbourne deal takes Panattoni’s acquisitions so far this year to three, amounting to £350m.

The previous deals were the acquisition of a prime west London redevelopment site near Heathrow Airport, where an 80,000sqft unit will be delivered for the third quarter of 2024, and the acquisition of a site to deliver 800,000sqft in Milton Keynes.

Tony Watkins, the head of development for the South East and London at Panattoni, said: “This third acquisition in the south in 2023 confirms our success in delivering on a strategy to acquire land that provides value to investors and customers in the current commercial environment.

“We will continue to selectively purchase key developments that offer value-add opportunities within core markets in London and the South East, where we can drive rental growth. We hope to be announcing more acquisitions this quarter.”

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