Canada-based real estate investment firm Ivanhoé Cambridge and PLP, the UK logistics and industrial property business, have acquired a new 135 acre logistics project site located at South Caldecotte in Milton Keynes, south east England, via their existing logistics investment vehicle, PLP UK Logistics Venture (UKLV).
The joint venture will develop over 2 million sq ft of industrial and logistics buildings.
On completion, the project will extend to 100 acres and comprise a range of unit sizes from 30,000 sq ft up to 500,000 sq ft last mile logistics facilities and large scale national and regional distribution hubs totalling over 2 million sq ft of space.
The first phase of development is targeted for completion in the second half of 2022.
The development is located between Birmingham and London. The location has key access to the south east UK market, its southern shipping terminals, airports, and rail network
“This acquisition marks another significant step in our commitment to European logistics and sustainable developments. This investment perfectly aligns with our global strategy and will stand as a model for future logistics parks in the UK and beyond, attractive to occupiers looking for high quality, sustainable and flexible space. We remain convinced about the opportunities in the logistics sector and expect to continue to expand our UK portfolio alongside our partners at PLP to build a leading platform”, said Ajay Phull, Head of Investments UK at Ivanhoé Cambridge.
“PLP Milton Keynes will become a flagship south east scheme for PLP. The existing outline consent means that we can deliver up to 2 million sq ft of state-of-the-art logistics facilities across a range of unit sizes and phases. A reserved matters planning application will follow the acquisition very quickly. On behalf of PLP and its investors, we look forward to working with all stakeholders to deliver a sustainable logistics development fit for the future”, said Neil Dickinson, Chief Investment Officer at PLP.
The site was assembled by Hampton Brook who promoted this strategic site through the local plan process and successfully secured its allocation in March 2019. Following an outline planning consent secured in November 2020 Hampton Brook selected PLP to acquire the site and lead development.
“Hampton Brook is delighted with the transaction. This development will provide a major boost to inward investment, economic development and provide significant economic growth in the region leading to a high level of job creation,” said Ian Jackson, Director of Hampton Brook.