Chancerygate and Northwood Investors have launched a joint venture (JV) targeting speculative urban logistics development opportunities throughout the UK. The JV intends to acquire sites in key cities nationwide over the next 18 months and has exchanged contracts on its first purchase in the North West, the details of which will be revealed in due course. The JV has several other opportunities under exclusivity which will also be announced when complete.
Chancerygate managing director, Richard Bains, said: “We are delighted to have entered into this joint venture with Northwood which is a natural evolution of our close working relationship with them. We are excited by the opportunities it will deliver for both businesses.”
Chancerygate currently has more than 3 million ft² of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. The company also manages in excess of €298m (£255m) of assets across more than 5 million ft² of commercial space in more than 390 units. Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately €6.8bn ($8bn) of investor capital.