Financial services provider Investec Bank plc (Investec) has announced that its equity strategy launched last year, Investec REALIS (REALIS), has formed a joint venture with Kier Property to develop £400 million GDV of urban logistics assets across England.
Under one of their previous joint ventures, Logistics City and Trade City, Investec and Kier Property successfully completed 13 urban logistics developments across the UK.
This joint venture has secured its first site with the off-market acquisition of a 4.4-acre former office site in Hemel Hempstead, Hertfordshire, which will be redeveloped into a seven-unit Trade and Logistics City scheme, providing 87,000ft² of modern industrial space.
The acquisition is REALIS’ third and first in the industrial & logistics development sector.
Group managing director at Kier Property Leigh Thomas said: “This first acquisition on behalf of this new joint venture with Investec is a significant opportunity to deliver a sustainable and high-quality trade and logistics development in a prime location.
“Hemel Hempstead’s excellent connectivity, strong market yields, and established industrial base make it an ideal location for businesses looking to expand.
“At Kier Property, we are committed to driving sustainable growth and delivering developments that meet the evolving needs of the industrial sector via a range of funding structures, and this latest collaboration with Investec is a continuation of what is now a very long-standing and successful partnership.”
