Fiera Real Estate and Wrenbridge have acquired a second site in Heathrow, West London, in an off-market deal.
The acquisition has increased the total acreage now owned at the London site to 19 acres.
Harry Gibson, director of Wrenbridge, said: 'We are thrilled with our second prime Heathrow acquisition, which builds on our wider strategic plan to buy key sites near airports as well as land adjacent to current Wrenbridge holdings.'
The business plan is to speculatively develop another Grade A urban logistics scheme, known as Air Heathrow, across the combined sites with a combined gross development value of around £100 mln (€117 mln).
The scheme is expected to include four mid box logistics units across the two sites totalling around 150,000 ft2 (14,000 m2). As with all assets in Fiera’s FRELD portfolio, the scheme will be targeting an ESG exemplar specification to include EPCA+, Net Zero Carbon construction and BREEAM Excellent rating.
This represents the eighth acquisition for the Fiera Real Estate Logistics Development Fund UK (FRELD) which has further funds to deploy into similar small and mid-box UK logistics sites.
The site is situated on Staines Road in West London and benefits from excellent access to the M4, M3 and M25 and is just 1.5 miles from Heathrow Airport. There is robust demand for industrial space in Heathrow and hugely constrained supply as a function of land availability and greenbelt designations in the local area.
Chris Button, fund manager of Fiera Real Estate, commented: 'This opportunistic acquisition will consolidate FRELD’s holding in Heathrow and realize significant marriage value. We look forward to working with the Wrenbridge team to deliver Air Heathrow, a market-leading industrial development, capitalizing on robust occupational demand from the aviation and logistics sectors, amongst others.'
Fiera and Wrenbridge were advised by Avison Young and Forsters.
