Chancerygate and Hines have launched another strategic joint venture together to develop multi-let urban logistics schemes.
The joint venture, which is being funded by £1.3 billion (€1.5 billion/$1.7 billion) Hines European Real Estate Partners III (HEREP), has completed its first deal with the acquisition of a site in Oldham, a town in Greater Manchester, England.
The seller of the 7.5-acre site was FO Developments, a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments.
The sales price is estimated to be £39 million (€46 million/$49 million), media outlets reported.
The joint venture partners intend to speculatively develop 166,500 square feet of class A sustainable urban logistics space on the site.
