Tungsten Properties and BC Partners have joined forces to invest up to 拢250m (鈧�297m) to target single and multi-let industrial opportunities across the UK.
The new venture will target single and multi-let industrial opportunities ranging from last-mile to big-box logistics warehouses with a gross development value of over 拢25m.
Tungsten Properties, which will act as asset and development manager for the funding joint venture (JV) agreement, said it will continue to acquire development opportunities below 拢25m through its existing revolving credit facility.
The companies said the venture has already identified a pipeline to initially seed the partnership.
Jeff Penman, managing director, Tungsten Properties said: 鈥淭his is a significant step in Tungsten鈥檚 expansion strategy to continue to deliver industrial and warehouse space to create growth, jobs and investor returns.
鈥淭his transformational JV agreement with BC Partners will provide reliable capital to continue delivering strategically located, sustainable buildings across the UK.
鈥淲hile there is volatility in the capital markets, both Tungsten and BC Partners believe that the industrial market鈥檚 long-term fundamentals remain strong. With a fighting fund behind us, we look forward to securing further opportunities.鈥�
Laurian Douin, partner, BC Partners said: 鈥淭he UK industrial and warehouse sector has strong secular fundamentals. Given Tungsten鈥檚 strong track record and like-minded approach to development, we are thrilled to partner with them to jointly invest in this asset class.
鈥淭he joint venture intends to deliver well-located, exceptional schemes to meet occupier demand, with a particular focus on schemes鈥� environmental credentials in line with BC Partners Real Estate鈥檚 commitment to ESG.鈥�
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