A joint venture partnership between CBRE Investment Management (CBRE IM) and Chancerygate will see the development of over 450,000ft² of urban logistics schemes in the UK.
These development sites have already been secured. According to CBRE IM, the joint venture will “deliver modern urban logistics assets to high sustainability and operational standards and target BREEAM ‘Excellent’ certification or better”.
This will be especially important over the next few years, as regulation surrounding sustainability standards is set to tighten. According to Knight Frank, 60% of UK warehouse space could be unlettable by 2030, when the minimum requirement for warehouses will be raised to an EPC ‘B’ rating.
Toby Creamer, Portfolio Manager at CBRE IM, said: “This was an exciting opportunity to partner with Chancerygate, which has a reputation for developing high-specification industrial assets with excellent ESG credentials.
“The secured schemes will meet strong occupier demand in their respective markets where supply remains constrained. We believe that industrial and logistics assets will outperform the wider property market over the next five to ten years and we look forward to working with Chancerygate to bring these new high-specification logistics assets to the market.”
Richard Bains, Managing Director at Chancerygate, added: “Our partnership with CBRE IM will boost our UK expansion strategy and deliver for them a nationwide portfolio of high-quality assets.
“Having access to a substantial amount of capital will allow us to act quickly and decisively to secure the best strategically located urban logistics sites. We have a number of sites under offer which we are very excited to report further on in due course.”
Chancerygate recently reached practical completion on its 165,000ft2 urban logistics scheme in Aston Clinton, Buckinghamshire.
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