JP Morgan Asset Management and Graftongate have launched a circa £500m logistics joint venture.
The JV partners have completed their first acquisition purchasing the 8.5-acre Reading International Logistics Park for an undisclosed price in an off-market deal.
The site has detailed planning consent for the development of a circa 160,000 sq ft last-mile urban logistics scheme, comprising four warehouse units ranging from 24,150 sq ft to 65,787 sq ft.
JP Morgan and Graftongate intend to build out the scheme imminently and are planning further acquisitions with a target assets under management value of circa £500m.
Alex Thomason, director at Graftongate, said: “We are pleased to have secured the strategic acquisition of Reading International Logistics Park with JP Morgan. The site provides an excellent opportunity to develop a last mile logistics scheme in a densely populated urban area in the Thames Valley. We intend to target core markets for speculative development, with a focus on key conurbations and strategic locations where there is an acute lack of supply.”
