London (January 10, 2022) — BentallGreenOak and their development partner, Equation Properties have closed a deal with Bolsover Land Limited (‘BLL’), a joint venture between ALMCOR (formally known as iSec) and St. Francis Group, to acquire over 80 acres at its 1.4 million sq. ft. Horizon 29 warehouse and logistics development for £39.9 million.
BGO and Equation will develop up to 1.2 million sq. ft. at Horizon 29 across the 140-acre strategic brownfield site located adjacent to Junction 29A of the M1 and Markham Vale.
Horizon 29, formerly the Coalite works, was acquired by BLL in 2012. The site has been remediated and core infrastructure constructed to allow for development to further consolidate Horizon 29 as one of the East Midlands’ premier industrial and logistics location.
“We are delighted to have closed on the acquisition. The first phases of the site already benefit from Reserved Matters planning consent and we will be commencing speculative development works on site during Q2 with the first units completing by year-end,” said Gareth Purcell, Managing Director at BentallGreenOak. “This deal, which completed on Christmas Eve, closes out a very busy year for BGO’s UK logistics platform, with us having acquired land to deliver c. 5m sq.ft. of new logistics space with our partners at Equation Properties in addition to a further 3.7m sq.ft. of standing assets across a total of 12 separate transactions.”
BLL was advised by JLL and Clyde & Co and BGO and Equation were advised by Burbage Realty and Taylor Wessing.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $70 billion USD of assets under management (as of September 30, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
In Europe, BentallGreenOak is a leading investment manager with over 50 professionals and $10.5 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. Since 2014, the firm has acquired, developed or is currently developing over 200 European logistics assets comprising over 66 million square feet (6.1m sq.m.)
BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
For more information, please visit www.bentallgreenoak.com
About Equation Properties
Established in 2014, Equation Properties is a versatile property development and investment company, focused primarily on development in the distribution and industrial sector. Since inception, Equation has delivered over 1.6m sq. ft of industrial/logistics developments. As of January 2022, Equation Properties has 5.94m sq. ft within its active portfolio with an accumulative value of £1.04bn. For more information, please visit www.equationproperties.com