TPG has launched a UK logistics investment platform less than a year after for 鈧�2.4bn.
The US private equity firm has entered into a joint venture with UK company Stoford Developments to form Icon Industrial.
The joint venture has made its investment, acquiring 45 acres of land next to Manchester Airport on which it plans to build into a 拢100m (鈧�113m) prime logistics asset.
The land has planning permission for 952,000sqft of lettable logistics space and is an area of the airport designated for logistics development.
It was sold by Airport City Manchester, a joint venture between Manchester Airport Group (MAG), Chinese developer BCEG, UK listed company Carillion and the Greater Manchester Pension Fund.
MAG itself is jointly owned by Greater Manchester councils and Australian infrastructure investment manager IFM Investors.
Lynda Shillaw, chief executive for property at MAG, said: 鈥淎irport City Manchester is a really exciting location for occupiers, located at the southern growth node of the region, an already well-established business location alongside the Manchester Airport campus.鈥�
Krysto Nikolic, partner at TPG Real Estate, said: 鈥淚con鈥檚 first acquisition, near Manchester Airport, is of one of the highest quality logistics locations in the country.
TPG Real Estate, a subsidiary of TPG, and Stoford said they 鈥渋ntend to build Icon Industrial into a logistics platform by acquiring and developing similarly attractive UK sites, as well as refurbishing existing prime logistics locations鈥�.
Last year, TPG and Ivanho茅 Cambridge sold European logistics platform P3 to Singapore鈥檚 sovereign wealth fund GIC.
Nikolic said: 鈥淭he continued strength in occupational demand for UK logistics represents a compelling investment opportunity.鈥�
Dan Gallagher, joint managing director at Stoford, said: 鈥淭he joint venture with TPG Real Estate is a new phase in Stoford鈥檚 business development.
鈥淭he support of our new partners will open doors for the acquisition of land and development of prime logistic opportunities within the UK.鈥�
