Canadian investor Ivanhoé Cambridge has acquired four UK logistics development schemes with a gross development value of over £300 mln (€346 mln) through its partnership with investment manager PLP.
The four sites have a combined land area of more than 52 hectares and are located in Leeds, Sheffield, Crewe (pictured) and Knowsley. They provide the opportunity for PLP to develop over 240,000 m2 of logistics space, the fund said.
'We are very excited about these acquisitions,' said Jeremy Greenland, CEO of PLP. 'All four sites will offer occupants a turnkey operation and provide the opportunity for PLP to deliver high-quality logistics space in a variety of configurations. Beyond these acquisitions, we continue to look for prime logistics developments and assets in key markets.'
The sites have been acquired by the PLP UK logistics venture (UKLV) which is owned by majority investor Ivanhoé Cambridge alongside Peel Group, MIRA Real Estate and PLP management.
Karim Habra, head of Europe, Ivanhoé Cambridge, said: 'We are pleased to continue the growth of our logistics portfolio in the UK alongside PLP.
This investment aligns perfectly with our global strategy to invest in high-quality logistics real estate in key hubs around the world.'
PLP plans to commence speculative development on three of the sites during 2019. The delivery of the four projects is forecast for 2020 and 2021.
The acquisitions complement UKLV’s existing portfolio and increase its assets under management to around £500 mln on a completed basis, PLP said.
