Fiera Real Estate’s new logistics development fund has made its first purchase, a 2.3 acre site in Hemel Hempstead.
The fund, working in partnership with Wrenbridge, plans to demolish the existing offices and speculatively develop a 52,000 sq ft grade-A warehouse, with a GDV of £22m.
Wrenbridge director Jamie Garrett said the aim was to “meet demand for traditional warehouse occupiers but also appeal to mid-tech, R&D and life sciences operators”.
The Fiera Real Estate Logistics Development Fund UK reached its first close earlier this year with £180m of equity committed.
Fiera’s fund manager Chris Button said: “The fund is targeting similar sites for speculative industrial development around the UK.”
Find out which agents are transacting the most space in Hertfordshire >>
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
Photo: Shutterstock
