Invesco Real Estate and Barwood Capital have teamed up to build a 拢300m (鈧�357.5m) portfolio of urban/last mile industrial and logistics warehouses across the UK.
The partnership has already acquired its first two assets, which include a four-acre site adjacent to Manchester鈥檚 Trafford Retail Park in order to develop a multi-unit scheme as well as a consented 5.25-acre site in Coventry, where construction is due to start in July.
Andy Rofe, managing director at Invesco Real Estate Europe, said: 鈥淲ith further pressure on global supply chains, we recognise the need for 鈥榚dge of town鈥� distribution assets as many firms reshape their operations to address the challenges of the 鈥榡ust in time鈥� delivery model.鈥�
鈥淧artnering with a logistics specialist such as Barwood Capital, with their extensive UK network, industrial development and asset management expertise provides us with direct access to the UK Industrial sector, with the potential to harness the considerable forecast growth.鈥�
Hugh Elrington, managing director at Barwood Capital, said: 鈥淲e are delighted to be teaming up with Invesco Real Estate, allowing us the depth of funding to take advantage of the UK鈥檚 continued growth in this sought after sector of the market.鈥�
Edward Henson, director and head of transactions at Barwood Capital, said: 鈥淒emand for industrial space remains strong across the UK regions and our partnership with Invesco Real Estate allows us to use our combined expertise to unlock development and asset management opportunities and capture the supply/demand imbalance that exists in key locations.鈥�
Rob Johnston, the head of UK and Nordic real estate transactions at Invesco Real Estate, said: 鈥淏oth the Manchester and Coventry sites are ideal schemes to kick-start the portfolio, given their prime locations. We have a strong pipeline of further opportunities as we work towards our aim to create a portfolio of 6-8 schemes, with an AUM of around 拢300m.鈥�
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