A joint venture has been set up to develop prime small-to-mid box industrial schemes at urban locations across the UK.
Investor and investment management business Fiera Real Estate and Universities Superannuation Scheme, one of the UK’s largest pension funds, have teamed up to target sites to develop multi-let urban schemes of up to 250,000 sq ft.
The investment vehicle, managed by Chris Button, head of investment management, Europe for Fiera Real Estate, will target brownfield and established employment sites, seeking to serve the increasing ‘flight to quality’ within UK industrial properties.
The JV has an initial term of five years and is targeting individual acquisitions of up to £50 million. Two prime sites are already under offer.
Charlie Allen, head of European real estate for Fiera Real Estate, said: “We are responding to occupier and investor demand for contemporary assets which further sustainability objectives, adding supply chain resilience, enhanced carbon emission profiles and future-proofing benefits to portfolios.”
Alex Turner, head of property for USS, said: “We are looking forward to working with Fiera on this exciting joint venture. USS has a strong track record in the industrial sector, with deep sector knowledge and a £1.5bn industrial portfolio.
“The JV provides USS the opportunity to continue to invest into the sector, which is supported by strong tailwinds, with a partner that provides a unique platform whilst increasing our development activity in the property mandate.”
Fiera Real Estate was advised by Newmark.
Image: Wrenbridge and Fiera.
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