Fiera Real Estate U.K. Limited, the European real estate arm of the $120 billion global asset management company Fiera Capital Corp., and the Universities Superannuation Scheme (USS), one of the United Kingdom’s largest private pension schemes, have invested in a joint venture to develop prime small- to mid-box industrial properties in strategically located urban locations across the United Kingdom.
The investment vehicle managed by Chris Button, head of investment management, Europe at Fiera Real Estate, will target brownfield and established employment sites to deliver new multi-let urban industrial schemes of up to 250,000 square feet. The joint venture will look to invest in core urban sites with best-in-class sustainability credentials, as the joint venture seeks to capitalize on the “flight to quality” in U.K. industrial assets.
The joint venture has an initial term of five years and is targeting individual acquisitions of up to £50 million ($68 million).
