AXA Investment Managers - Real Assets has completed the acquisition of a development site on the M1 motorway at Luton, which will be developed by Baytree Logistics Properties, its European logistics and industrial development platform.
The site has planning consent for the construction of over 400,000 sq ft (37,161 m2) of distribution space. Baytree has appointed Savills and Doherty Baines to market build-to-suit opportunities on the site to prospective occupiers.
Comprising two units, the larger of the two offers 355,965 sq ft of space, including a 344,954 sq ft warehouse, while the second unit totals 54,520 sq ft. The two plots also include space for offices as well as parking and the two properties could be leased to one occupier or separately.
AXA said it will begin preparation of the site 'imminently' with the larger unit expected to be available for occupation in Q1 2017.
The acquisition adds to AXA IM - Real Assets’ existing European portfolio of €1.5 bn and over 1.9 million m2 of logistics assets.
