Hines is to expand its joint venture with UK property investor and developer Clowes by delivering 1.15m sq ft of logistics space across the East Midlands.
The joint venture partners originally committed to building 772,000 sq ft across four UK business parks, which was achieved in September 2021. The expanded joint venture will fund the development of eight units, each of which will be developed to a high sustainability specification and target BREAAM Very Good.
Greg Cooper, managing director at Hines, said: “The expansion of our joint venture with Clowes to develop a total of 1.15m sq ft 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 four 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.”
BentallGreenOak provided the acquisition and development financing packaging and Geldards LLP represented Clowes Developments on the transaction.
