CBRE Group subsidiary Trammell Crow Company (TCC) has acquired its first site UK for an industrial park project, as part of the firm’s expansion into Europe’s logistics sector.
The global developer and investor in commercial real estate has invested an undisclosed sum to buy the 19.4-acre site in Milton Keynes to develop three speculative logistics buildings totalling 340,000sqft.
TCC said the site at Merton Drive was home to the former Arcadia Distribution Centre.
Construction is expected to begin in the second quarter of next year and is expected to complete in the third quarter of 2023.
The deal marks TCC’s first site acquisition and follows the recent hiring of former P3 Logistic Parks CEO Ian Worboys to lead an expansion into Europe’s logistics sector. Worboys serve as TCC’s managing director and head of a newly launched European logistics business.
Mike Forster, director and head of UK logistics for Trammell Crow Company, said: “This is a unique opportunity, and we are extremely pleased to acquire our first site in Europe having only entered the market a few months ago.
“This important acquisition demonstrates our ability to identify and close prime opportunities quickly, in order to facilitate the rapid planned expansion of our European development programme.”
Worboys said in addition to this project, TCC is currently in negotiations on sites in Spain, France and the Czech Republic and “our German team opens for business on September 1”.
“We will continue to acquire both brownfield and greenfield sites in strategic locations, such as this one at Milton Keynes, across Europe.”
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