Legal & General Property said on Friday that it has secured planning permission and is in various stages of construction for 600,000 sq ft (55,750 m2) of industrial space in four sites across the UK.
The investments will be carried out on behalf of LGP's Industrial Property Investment Fund (IPIF).
In two of these locations, Manchester and Welwyn Garden City, LGP has secured entire pre-lets totalling 350,000 sq ft.
In Manchester, LGP has worked to extensively redevelop Central Park to secure its pre-let with XPO logistics. The 250,000 sq ft distribution warehouse is at Trafford Park, first built in the 1930s. The fund is currently working up further phases for redevelopment which can be delivered in 2017.
LGP has also secured the 100% pre-let of its scheme at Bessemer Road, Welwyn Garden City, to occupiers Direct Line and Kane International, both of which have taken 25,000 sq ft each, and Travis Perkins Group which has taken 50,000 sq ft. Planning permission was granted for Travis Perkins Group in January 2016 who will take six units for a Travis Perkins, a Wickes and four additional trade counters. This scheme is due for delivery by the close of 2016.
The fund has also commenced the speculative construction of Alchemi, a 195,000 sq ft warehouse in Crick, Northamptonshire, with completion anticipated this autumn. The fund has owned the site for a number of years and worked to secure vacant position of the site before demolishing the existing structures which were considered obsolete.
Elsewhere IPIF has commenced the speculative construction of four units at its Rochester Airport Industrial estate totalling 40,000 sq ft with completion anticipated in September this year.
Launched in 1997, IPIF was one of the first indirect specialist real estate funds and currently has over £1.7 bn (€2.1 bn) assets under management. The fund aims to acquire well located, good quality multi-let assets primarily in London and the South East.
