Kier Property, the development division of the Kier Group, in conjunction with Joint Venture partner Investec Structured Property Finance (“Investec”), has acquired six acres of land in Luton, Bedfordshire from Downton.
Kier plans to develop the brown field site into a Trade City and Logistics City development, totalling 120,000 sq ft. Kier Property currently has a £1.8bn pipeline and has developed more than six million sq ft in the industrial sector across 47 schemes in the UK.
The Kier Property and Investec JV was formed in 2014 and includes a number of logistics and distribution standing assets and development opportunities across the UK.
Phil Sutton, Senior Development Director for Kier Property commented: “This is a great addition to our Trade and Logistic City pipeline and builds upon the success of the brands. This scheme is our first industrial project in Luton, as we look to develop in new locations where there is strong demand and limited supply. We expect to be on site in November 2019, with practical completion planned for July 2020.”
Shivani Goolab at Investec Structured Property added: “We have a long-standing relationship with Kier Property, supporting them across the capital stack, and this transaction increases our exposure to the high growth logistics sector alongside a proven real estate developer.”
Savills acted for Kier Property.