PLP has exchanged contracts with Aire Valley Land to acquire a 43-acre site at Gateway 45 Leeds.
Aire Valley Land is a joint venture between Harworth Group and Evans Property.
The acquisition by PLP’s UK Logistics Venture is one of the largest commercial transactions so far this year.
UKLV is PLP’s flagship investment vehicle and is owned by majority investor Ivanhoé Cambridge alongside Peel Group, MIRA Real Estate and PLP management. Its assets under management have an end value of £500m.
The Gateway 45 site is adjacent to Junction 45 of the M1. It extends to 166 acres and has outline planning consent for 2.64m sq ft of commercial space.
Aire Valley Land has spent the past four years preparing the site for development following its designation as an enterprise zone, including completing a £7.5m infrastructure and groundworks programme using a loan facility from the Leeds City Region LEP and a grant from the Ministry of Housing, Communities and Local Government.
PLP will submit a reserved matters application to Leeds City Council for around 850,000 sq ft of industrial and distribution space across four units. Subject to planning, construction is expected to begin in the summer of 2020.
Jeremy Greenland, chief executive of PLP, said the acquisition “provides a clear opportunity for PLP to deliver high quality logistics space in a variety of configurations for occupiers”.
James Pitt, development director at Evans Property Group, said: “This is an excellent outcome for all concerned which will deliver a significant proportion of the jobs promised when the enterprise zone was initially created.
“AVL’s focus now is to assist PLP to get on-site as quickly as possible so that thousands of new jobs can be delivered for the city region to benefit from.”
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