Industrial developer Panattoni has acquired a 23-acre site at a rail-connected estate in the UK for a 500,000sqft speculative cross-dock project.
Panattoni has acquired the site at Wakefield Europort from Delin Property for an undisclosed sum to develop the Panattoni Wakefield 500 project in partnership with Newport, a pan-European investment platform.
Located at Junction 31 of the M62, Wakefield Europort provides access to the M1 and A1 motorway networks. The site includes a rail freight terminal operated by Maritime, which allows for rail-based distribution as an alternative to road transport.
Panattoni is undertaking the speculative project to address a severe shortage of large-format logistics space in the UK, particularly in Yorkshire, where no other 500,000sqft units are currently under construction, the company said.
Andrew Preston, senior development director at Panattoni, said: “Wakefield Europort is one of the strongest logistics addresses in Yorkshire, and this acquisition reflects our conviction that demand for large-format, high-specification space in this market is not being adequately served by existing supply.
“The combination of M62, M1 and A1(M) connectivity is rare at this scale, and the presence of a rail freight terminal adds a further dimension that is increasingly relevant to occupiers with sustainability commitments.”
Preston added that the Panattoni Wakefield 500 project reflects the company’s continued commitment to big box speculative development, “supply-constrained markets, bringing forward high-specification, sustainable assets aligned with long-term occupier demand”.
Daniel Raemy, CEO at Newport by Panattoni, said: “This acquisition further strengthens Newport Fund III’s strategy to invest in strategically located European logistics assets with strong long-term occupier relevance.
“Wakefield 500 expands our UK exposure into the big-box segment, combining scale, excellent motorway connectivity and intermodal potential in one of the country’s most established logistics corridors.”
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