Logistics duo join forces to bring forward Derby site

St. Modwen Logistics, the developer behind St. Modwen Park Derby, has merged with Industrials REIT to form a new company called Indurent.

The new business, owned by investment funds managed by Blackstone and led by CEO Julian Carey, manages a national portfolio of over 27m sq ft of industrial and logistics space.

It includes urban light industrial units, delivery facilities and mid to large-scale developments for national distribution, production and manufacturing.

Since acquiring St. Modwen and Industrials REIT in 2021 and 2023, Blackstone has invested well over £2bn in the logistics businesses.

The 67-acre Indurent Park Derby, located adjacent to the A52 and Pride Park, offers logistics and production space through a mix of speculative and bespoke developments.

Phase One of the scheme is now complete, with Phase Two underway. The park has attracted international investments, including German heating technology firm Vaillant, Swedish medical equipment manufacturer Getinge, and South Korean car company Kia.

To date, around £110m has been invested in Indurent Park Derby.

Carey said: “An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need. With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.”

James Seppala, head of European real estate at Blackstone, said: “UK logistics is a high conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector.

“As the market continues to evolve and mature, Indurent’s outstanding team and best-in-class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.”