Chancerygate and Northwood Investors have launched a joint venture to target speculative urban logistics developments.
The jv will buy sites in key cities across the UK over the next 18 months. It said it had exchanged contracts on its first purchase in the North West, along with several other opportunities under exclusivity.
Over the past six months Chancerygate has sold more than 1.5m sq ft of urban logistics assets to Northwood. In June this year, a jv between Chancerygate and Hines forward sold a 608,000 sq ft, five-asset portfolio to Northwood Investors for an undisclosed sum. The portfolio comprised developments in Birmingham, Bournemouth, Cheltenham, Tonbridge and Warrington.
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 3m sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. The company also manages in excess of £255m of assets across more than 5m sq ft 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 $8bn (£5.6bn) of investor capital.
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