BentallGreenOak (BGO) has joined forces with development partner Equation Properties to acquire a 60-acre development site in Avonmouth near Bristol, UK for a massive 1 million sq ft (93,000 m2) project.
The site benefits from existing planning consent and will be developed by BGO and Equation across three phases with the first units due to be completed by the summer of 2022.
In the past six months alone BGO has executed five transactions to acquire standing assets and development land to deliver a combined 5million sq ft of UK logistics space. This includes the acquisition, made in partnership with Equation, of Orwell Logistics Park, Felixstowe, for the development of 1m sq ft of logistics space.
Toby Phelps, managing partner and head of European Equity at BentallGreenOak, said: ‘Since we started investing in the logistics sector in 2015, we have not seen a market environment with such compelling fundamentals. The COVID pandemic has accelerated certain behaviours, such as consumer reliance on e-commerce, which mean that these assets are now in higher demand than ever. As one of the most experienced owners and operators of logistics property in Europe, we are focused on owning and developing state-of-the art assets to meet this demand and delivering sustainable risk-adjusted returns for our investors.’
JLL and BCLP advised the seller, with Avison Young and Taylor Wessing advising the buyer.
