Hines has expanded its joint venture with developer Clowes to build a total of 1.15m sq ft of logistics space across the East Midlands.
This initiative increases an initial commitment to deliver 772,000 sq ft of logistics space across four UK business parks, which was reached in September last year.
The joint venture will fund the development of state-of-the-art warehousing across eight facilities, each of which will be developed to a high specification and target BREAAM Very Good certification. EV charging infrastructure will be installed across the portfolio, with the units designed to support the installation of solar panels.
Hines said the new facilities would service the “high levels” of demand it is experiencing among occupiers seeking logistics space in supply-constrained areas.
The jv has so far delivered 195,000 sq ft of logistics space at Dove Valley Park in south Derbyshire. Occupiers include Müller, Meg, Futaba, Tophat, JCB, Truma and GXO. The remaining units under development will be completed during 2023.
Greg Cooper, managing director at Hines, said: “The expansion of our joint venture with Clowes to develop a total of 1.15m sq ft of high-quality logistics space in the East Midlands is testament to our ongoing conviction in the logistics sector and developing best-in-class spaces that occupiers will call home.
“Within our network of customer and occupier relationships we continue to see strong nationwide occupier demand, and the Golden Triangle provides fantastic access to all of the UK within four hours by car, carving it out as a standout location.”
James Richards, director at Clowes Development, said: “This expanded partnership with Hines will allow us to continue to collaborate to develop best-in-class warehousing at well-located sites across the East Midlands.
“The expansion will unlock new opportunities within the UK’s logistics Golden Triangle, as well as in other locations benefiting from strong transport links and favourable local supply and demand drivers. We are confident that our teamwork and close collaboration will continue to bear fruit.”
BentallGreenOak provided the acquisition and development financing packaging.
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