Industrial real estate developer Panattoni has a 257,000sqft speculative logistics development in South East UK.
Panattoni said the prime 12-acre site near Brighton, which was acquired from a Kennedy Wilson-manged vehicle, will be used to develop the Panattoni Park Brighton.
The speculative development of the park is expected to begin in the first quarter of 2023, with completion expected in the fourth quarter of the same year.
Tony Watkins, the head of development for the South East and London at Panattoni, said: “Despite the headwinds facing the whole real estate sector, both Panattoni and Kennedy Wilson are delighted to have closed the transaction for this very well-located site in a very supply-constrained market. We hope to work together on further development transactions.
“We continue to look for opportunities to acquire land, given that the need from occupiers for the development of new facilities remains great. Logistics still has value and we retain our strong commitment to the sector.”
Mike Pegler, the head of UK at Kennedy Wilson, said: “We recognised a compelling opportunity to unlock the full potential of the whole Brighton City Airport estate following our acquisition of the site in 2020 and moved quickly to secure planning permission for a new industrial development on this site.
“Two years later, as demand for new logistics and industrial space has steadily increased within a region acutely lacking in supply, we are pleased to complete this transaction with Panattoni that will lead to the creation of much-needed, high-quality space with leading ESG credentials. We retain our interest in the remainder of the airport estate and look forward to working with all stakeholders to further its long-term success.”
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