Barings and Panattoni buy Doncaster site for 1.2m sq ft spec scheme

Barings and Panattoni have teamed up to buy a 65-acre site in Doncaster, which has consent for more than 1.2m sq ft of industrial and logistics space. The duo bought the site from Mulberry Developments in an off-market deal. Barings, which is funding the site, made the acquisition on behalf of its second European real estate value-add fund, BREEVA II. The site, called Panattoni Central, will include the biggest speculatively built logistics facility in the north of England. The development will measure 770,000 sq ft and is expected to complete in September 2025. Panattoni is targeting net-zero carbon development, EPC A and BREEAM Outstanding sustainability ratings. The facility will be cross-docked and will feature 18m eaves, 55m service yards, EV van and car charging and 15% rooflights. Winvic Construction has been appointed as the contractor. The remaining 27-acre plot, which already benefits from reserved matters planning consent for a 461,000 sq ft building, will initially be marketed on a build-to-suit basis.    Construction will be carried out across two phases. Dan Burn, head of development for the North West and Yorkshire regions at Panattoni, said: “The development provides us with the opportunity to capitalise on the dearth of supply of XXL units across the country.” Henry Marlow, director of UK real estate acquisitions at Barings, said: “The ability to deliver a near 800,000 sq ft unit provides a rare and extremely attractive opportunity in a market segment [that] is particularly devoid of supply but contrasting with a healthy number of current tenant requirements.” Rory Allan, managing director and portfolio manager at Barings, said: “Logistics continues to be a key conviction sector for Barings with its favourable macro drivers and this most recent acquisition will complement BREEVA II’s existing multi-jurisdictional portfolio, which extends to more than 7m sq ft.  He added: “ The current market dislocation presents a compelling opportunity to deploy capital in prime locations at heavily corrected pricing and we are actively assessing further logistics investments in our preferred Western European markets of France, Germany, Iberia, Italy, the Netherlands, Nordics and UK.” Cushman & Wakefield advised Panattoni, while M1 Agency acted for Mulberry Developments. Image © Panattoni