11.06.2019, 11:52
Kier-Investec JV in New Brown Field Development
Kier Property and Investec Structured Property Finance have announced plans to develop a six acre brown field site at Hatters Way in Luton, Bedfordshire into a 120,000 sq ft. Trade City and Logistics City.
The site, which was recently acquired from Downton in a deal negotiated by Savills, is the latest addition to a portfolio of industrial, logistics and distribution assets owned by a joint-venture (JV) company formed in 2014 between the development division of the Kier Group and asset management and investment group, Investec.
Since its inception the JV, which recently announced £1.8 billion of projects in the pipeline, has developed more than six million sq ft. of industrial property across 47 schemes.
Commenting on the proposed development, Phil Sutton, Senior Development Director for Kier Property, said:
“This is a great addition to our Trade and Logistic City pipeline and builds upon the success of the brands. This scheme is our first industrial project in Luton, as we look to develop in new locations where there is strong demand and limited supply. We expect to be on site in November 2019, with practical completion planned for July 2020.”
Shivani Goolab of Investec Structured Property, added:
“We have a long-standing relationship with Kier Property, supporting them across the capital stack, and this transaction increases our exposure to the high growth logistics sector alongside a proven real estate developer.”
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