AXA Investment Managers - Real Assets (AXA IM - Real Assets) has announced the acquisition of a 32-acre prime logistics freehold site near Dunstable, 20 miles north of London.
Financial details were not disclosed.
The site has been purchased on behalf of the Logistics Development Club and will be developed by Baytree Logistics Properties.
The site has an existing planning consent for the development of up to 620,000 sq ft (58,000 m2) of grade A logistics space across two buildings.
The first unit, totalling 263,000 sq ft, will be developed without any pre-let. Construction is due to commence in second quarter 2018 with practical completion expected by year end.
