Real-estate investment company Hines – together with its joint venture partner – has agreed to forward-fund four speculatively built warehouse schemes owned by Clowes Developments in the East Midlands.
The JV has acquired the freehold of all the sites from the current owner, Derbyshire-based Clowes Developments, which will develop of all the facilities. Construction work will begin with immediate effect with units ready for occupation by the end of 2022.
The 12 units, totalling 772,000ft2, will be developed to a high specification, targeting a minimum BREEAM ‘Very Good’ rating, and are spread across four existing industrial and logistics locations in the Clowes portfolio; Dove Valley Park off the A50 at Foston in Derby, Birchwood Business Park at Alfreton, Castlewood at South Normanton and Fairham Business Park at Nottingham
“This was a particularly attractive opportunity given the scarcity of new stock arriving on the market, which continues to see unprecedented tenant demand as the volume of transactions continue to soar, particularly for modern and fit-for-purpose units,” said Greg Cooper, Managing Director and Head of Industrial & Logistics at Hines UK.
Kimmre advised Hines on the transaction.