Chancerygate and Northwood Investors have launched a joint venture targeting speculative urban logistics development opportunities throughout the United Kingdom.
The joint venture intends to acquire sites in key cities nationwide over the next 18 months and has exchanged contracts on its first purchase in Northwest England. The joint venture also has several other opportunities under exclusivity, which will be announced when they complete.
The joint venture represents a further strengthening of the relationship between the two businesses, with Chancerygate having sold more than 1.5 million square feet of urban logistics assets to Northwood Investors during the past six months.
Most recently, in June, a joint venture between Chancerygate and Hines forward sold a 608,000-square-foot, five-asset U.K. portfolio to Northwood Investors for an undisclosed sum. The portfolio comprised developments in Birmingham, Bournemouth, Cheltenham, Tonbridge and Warrington.
