As part of a strategic review of investment in sites around the country Gazeley, a leading global developer of logistics warehouses and distribution parks, has announced that it is investing £5.2 mln (approx. 6.4 mln) in infrastructure and enabling works across its UK portfolio.
Gazeley will concentrate on installing infrastructure across a number of wholly owned sites within its UK portfolio, allowing the company to deliver at speed to meet bespoke customer requirements.
In parallel with the increased activity on wholly owned assets Gazeley has also announced it will no longer be involved in G. Park Dunstable, where it currently fulfils a Development Management role for site owner ICP Asset Management.
Commenting on this decision, Alex Verbeek, UK Country Director at Gazeley said: "We are reluctant to give up the Development Management role at G. Park Dunstable, however our efforts need to be channeled and it makes sense that we concentrate on land where we already have funds invested.
"As Gazeley has no cost exposure to G. Park Dunstable, we decided to give up our involvement to focus on our wholly owned sites and Joint Venture projects and make necessary investments to enable future development at the speed required by our customers in current market conditions."
Recent investment and development has seen Gazeley acquire 100% ownership of flagship UK development site, Magna Park Milton Keynes, where it has also invested £2.5 mln (approx. 3.1 mln) in site infrastructure.
An additional £2.7 mln (approx. 3.3 mln) has been invested in site infrastructure and enabling works across G. Park Crick, G. Park Skelmersdale, G. Park Swindon and G. Park Doncaster.
Discussions regarding a sale by ICP Asset Management of G. Park Dunstable are expected to conclude shortly.
Source: RED Consultancy