Harleyford Capital have announced their first urban logistics development site transaction, exchanging unconditional contracts on an 34,398m2 development site in Watford, North-West London, funded in a joint venture with Fiera Real Estate (Fiera), an affiliate of the Fiera Capital.
Harleyford Capital and Fiera will seek to obtain planning permission and speculatively deliver a €93.6m urban logistics scheme, providing c. 16,723m2 of institutional Grade A space across 13 units, with Harleyford Capital being responsible for the delivery of the project.
Thomas Mallindine, Managing Director: Asset Management at Harleyford Capital commented “We are excited to bring forward plans to deliver an ESG-leading, institutional urban logistics product into a market which has seen a dearth of Grade-A supply over the last cycle with a catchment of over 25 million people within a two-hour drive-time. We look forward to preparing a planning application this year and to commence development as soon as possible.”
Charlie Allen, Head of European Real Estate at Fiera Real Estate commented: “We are pleased to have exchanged this transaction alongside Harleyford Capital and today’s deal, which we expect to be the first of many, demonstrates their capabilities and experience, and we look forward to supporting the team with their growth aspirations going forwards.”
Dean Harrison Managing Director: Investments at Harleyford Capital, commented: “The value proposition in UK logistics has been bolstered by the market correction and we continue to source attractive off-market logistics deals for our partners and investors.”
Harleyford Capital and Fiera were advised by CBRE and Taylor Wessing. The Vendor was advised by David Charles Property Consultants and Perry Holt Property Consultants.
Image provided by Monfort.
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