Partnership created to refurbish and develop 500,000 sq ft of logistics space
A new partnership between two real estate firms has been established to refurbish and develop approximately 500,000 sq ft of logistics facilities in Birmingham.
Invesco Real Estate, the global real estate investment arm of Invesco has teamed up with Barwood Capital, a specialist in real estate investment and development to bring forward the project.
The partnership involves the acquisition of two existing industrial units, opposite the Fort Dunlop office and hotel complex, in Castle Bromwich, which will be extended and upgraded to meet Grade A institutional standards with ESG credentials.
Additionally, Invesco has acquired a vacant 6.4-acre site adjacent to these units, where new facilities will be constructed.
The acquisitions are on behalf of a longstanding client of Invesco Real Estate’s separate account.
Barwood Capital will oversee the development as the project’s manager.
Plans include developing two new units ranging from 60,000 sq ft to 90,000 sq ft on the adjoining vacant site.
“In addition, the marriage value from combining the adjacent vacant site will further consolidate this as a prime scheme. Birmingham is at the centre of the highly attractive Midlands economic region and we are excited to work with Barwood Capital on this initiative.”
Jonathon Ellerington, senior investment manager at Barwood, said: “Given the quality of the existing units, coupled with the excellent opportunity to speculatively develop further in this premier logistics location, we are thrilled to complete these acquisitions and develop this scheme with Invesco Real Estate.
“This is a location with proven occupational demand for sustainable and well-located logistics units and the refurbishment and redevelopment of these sites will serve to improve the area, while providing exceptional industrial space at a time when the market is starved of supply.”
