Global real estate firm Hines has expanded its JV with UK property investor and developer Clowes to roll out 107,000 m2 of modern logistics space in the UK.
Eight state-of-the art warehouses across the East Midlands will be developed to a high specification and target BREAAM ‘very good’ certification.
Each will feature EV charging infrastructure and will support the installation of solar panels.
This initiative increases the initial commitment to deliver 72,000 m2 of logistics space across four UK business parks, announced in September 2021.
Greg Cooper, managing director at Hines, commented: ‘The expansion of our joint venture with Clowes to develop a total of 107,000 m2 of high-quality logistics space in the East Midlands is testament to our ongoing conviction in the logistics sector and developing best-in-class spaces that occupiers will call home. Within our network of customer and occupier relationships, we continue to see strong nationwide occupier demand, and the Golden Triangle provides fantastic access to all of the UK within 4 hours by car, carving it out as a standout location.’
James Richards, director at Clowes Development, added: ‘This expanded partnership with Hines will allow us to continue to collaborate to develop best-in-class warehousing at well located sites across the East Midlands. The expansion will unlock new opportunities within the UK’s logistics ‘golden triangle’, as well as in other locations benefiting from strong transport links and favourable local supply and demand drivers. We are confident that our teamwork and close collaboration will continue to bear fruit.’
The JV has already delivered 18,000 m2 at Dove Valley Park in South Derbyshire, a key logistics location with a catchment area of 48 million people and featuring excellent connectivity via the M1, M6, A50 and A38.
Among the occupiers at Dove Valley Park are companies such as Müller, Meg, Futaba, Tophat, JCB, Truma and GXO.
The remaining units under development by the JV will be completed during 2023.
BentallGreenOak provided the financing, while Geldards represented Clowes Developments on the transaction.
