Fiera Real Estate and Wrenbridge have set out plans for a £100m GDV logistics scheme in Heathrow, west London, after buying a second site in the area.
The jv’s acreage in the area totals 19 acres.
The partnership aims to speculatively develop a grade-A urban logistics scheme, called Air Heathrow, across combined sites.
It will consist of four mid-box logistics units across the two sites totalling about 150,000 sq ft. The scheme will target an ESG exemplar specification to include EPCA+, net-zero carbon construction and BREEAM Excellent ratings.
The deal represents the eighth acquisition for the Fiera Real Estate Logistics Development Fund UK, which said it has further funds to deploy into similar small and mid-box UK logistics sites.
The site is situated on Staines Road. The jv cited “robust demand for industrial space in Heathrow and hugely constrained supply as a function of land availability and greenbelt designations in the local area”.
Chris Button, fund manager of Fiera Real Estate, said: “This opportunistic acquisition will consolidate FRELD’s holding in Heathrow and realise significant marriage value.
“We look forward to working with the Wrenbridge team to deliver Air Heathrow, a market-leading industrial development, capitalising on robust occupational demand from the aviation and logistics sectors, among others.”
Harry Gibson, director of Wrenbridge, said the acquisition “builds on our wider strategic plan to buy key sites near airports as well as land adjacent to current Wrenbridge holdings”.
Avison Young and Forsters advised Fiera and Wrenbridge.
Image © Fiera
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