AXA Investment Managers - Real Assets completes acquisition of a prime M1 logistics site in Luton, UK, to be developed by Baytree.
Site includes planning consent for over 400,000 sq ft (37,161 sqm) of logistics space.
AXA Investment Managers - Real Assets ("AXA IM - Real Assets") announces that it has completed, on behalf of clients, the acquisition of
a development site on the M1 motorway
at Luton, UK, which will be
developed by Baytree Logistics Properties ("Baytree"), its pan-European logistics and industrial development
platform. It has planning
consent for the construction of over 400,000
sq ft (37,161 sqm) of distribution space. Baytree has appointed Savills and Doherty Baines to market build-to-suit opportunities on the site to prospective occupiers.
Comprising two units, the larger of the two offers 355,965 sq ft (33,070
sqm) of space, including a 344,954
sq ft (31,118 sqm) warehouse, while the second
unit totals 54,520 sq ft (5,065
sqm). Both units offer occupiers
a high degree of flexibility with consent
secured for up to 20m clear internal
height for the large unit and 10m for
the smaller unit. The two plots also
include space for offices as well as parking and the two properties could be leased to one occupier or separately. Preparation of the site
will begin imminently and the larger unit can be available
for occupation in Q1 2017.
The ‘Baytree Luton’ site sits in a well-located and prominent location, adjacent
to the new junction 11a of the M1.
The site is strategically located for many forms of national or regional
distribution activities and is one
of very few locations that can accommodate distribution buildings of this size and flexibility along the M1
corridor.
The new-build properties will be at the vanguard of sustainable
development. The buildings will be designed and constructed to achieve
BREEAM Excellent ratings, and individual
features include solar thermal hot water systems, rainwater harvesting and smart meter technology. AXA IM - Real Assets considers sustainability as a key strategic and business factor
fully integrated into core business and development projects.
The buildings will be developed by Baytree’s team, drawing on their knowledge of logistics assets
as well as occupier needs, and will draw on AXA IM - Real Assets’ wider development capability. The
acquisition adds to AXA IM -
Real Assets’ existing European
portfolio of €1.5 billion(2) and
over 1.9 million sqm(2) of logistics
assets.
Jonathan Priestley, Commercial Director at Baytree Logistics Properties,
commented: “Combining our development expertise with our understanding of logistics and
occupier needs, we are offering potential occupiers one of highest
quality, most sustainable and
best-located distribution sites
along the M1 motorway. With over 400,000 sq ft (37,161 sqm) of available space, the two plots will be tailored to tenant
needs and the larger unit can be ready by the beginning of next year.”
Anne Kavanagh, Global Head of Asset Management & Transactions at AXA
IM - Real Assets, added: “This acquisition offers an immediate opportunity to
add a high quality logistics asset to our
European logistics pipeline. The Luton
transaction will highlight Baytree’s ability
to develop logistic
assets for the benefit of AXA IM - Real Assets’ clients.”
For more information see www.baytree-luton.com
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