LGIM Real Assets (Legal & General) has announced, on behalf of its Industrial Property Investment Fund (“IPIF”), that it has secured an agreement with leading UK logistics provider, Clipper Logistics, to let its new 196,268 sq ft purpose built distribution centre in Crick, Northamptonshire.
Comprising a 179,589 sq ft warehouse unit, Grade A office space, gatehouse accommodation and 198 parking spaces, the distribution; n centre, known as ‘Alchemi’, has been let on a ten year lease.
Situated in a highly visible location, fronting the M1 and one mile from Daventry International Rail Freight Terminal, Alchemi was speculatively constructed by Legal & General, in partnership with Graftongate. It was identified by the Fund as a highly-desirable location, benefitting from the supply demand imbalance for industrial space within the prime Midlands’ Golden Triangle, one of the most sought-after logistics localities across the UK.
The successful agreement with Clipper Logistics follows IPIF’s restructure in February from a closed-ended, fixed life vehicle to an evergreen open-ended fund.
Launched in 1997, IPIF was one of the first indirect specialist real estate funds and has become a leader in its sector, having outperformed its benchmark, the IPD Quarterly Industrial Benchmark, over three, five, 10,15 and 20 years. The Fund aims to acquire well located, good quality multi-let assets primarily in London and the South East. IPIF has more than £2bn assets under management.
Jonathan Holland, Fund Manager of IPIF at LGP, said: “The Alchemi distribution centre is a prime example of IPIF’s robust asset identification and development strategy within the industrial sector, which continues to offer strong future growth prospects. With its access to the entire UK motorway network, Alchemi demonstrates our ability to identify a desirable location, navigate the planning process and speculatively construct a high-quality development. As a result, we are very pleased to have agreed this letting with Clipper Logistics and look forward to welcoming them to Alchemi.”
