Fiera Real Estate has acquired two prime UK industrial development sites in Wimbledon and Bury St Edmunds on behalf of a joint venture with a UK institution, which is understood to be USS.
The sites, which will be developed by Fiera and Wrenbridge, have a combined gross development value of more than £110m.
The JV acquired the Wimbledon site, which is located in the South Wimbledon Business Area, from Schroders for an undisclosed price. The development will comprise four industrial units totalling 116,648 sq ft, featuring 10m eaves heights, 30m yard depths to the western elevation and office space.
The 6.44-acre site in Bury St Edmunds is located within the wider Northern Way Industrial Estate. The site will feature 156,000 sq ft of logistics space across five units ranging from 19,000 sq ft to 43,000 sq ft.
Chris Button, head of investment management at Fiera Real Estate, said: “These are high quality acquisitions which further evidence Fiera Real Estate’s origination and deployment capabilities in a market where price dislocation is still pronounced, and development opportunities can be accessed at an attractive entry point. We look forward to building on the momentum in our newly-formed joint venture, where we are actively sourcing similar two to 20-acre sites across the UK as we look to assemble a market leading portfolio of small-to-mid box industrial schemes.”
James Feltham, director at Wrenbridge, added: “We are very pleased to have purchased two sites for the newly launched JV. These sites reflect our ongoing thesis of delivering speculative industrial development in key undersupplied locations. The acquisition of such a prime site in Wimbledon allows us to access a core urban London location which provides tenants with access to a very strong local demographic.”
