Scottish Widows Investment Partnership (SWIP) has signed up to a 50:50 joint venture with shed developer Rosemound to develop a 59-acre site in Hertfordshire.
The joint venture will build 964,350 sq ft of industrial and distribution units in three phases on land Rosemound owns in Hoddesdon the first time that SWIP has invested in speculative shed schemes.
It is understood that Rosemound which is 50% owned by HBOS had to find an alternative funding arrangements as its current set-up precludes speculative schemes.
In October, it signed a £21m joint venture with GE Commercial Finance Real Estate to develop the two next phases, of 140,000 sq ft and 230,000 sq ft respectively, at its 74-acre Daventry International Rail Freight Terminal (DIRFT) in Northamptonshire.
Construction on the site, which was bought by Rosemound a year ago, will begin in the new year.
References: EGi News 09/12/05
