Chancerygate and Northwood Investors have launched a joint venture (JV) targeting speculative urban logistics development opportunities throughout the UK.
The JV intends to acquire sites in key cities nationwide over the next 18 months and has exchanged contracts on its first purchase in the North West, the details of which will be revealed in due course.
The JV has several other opportunities under exclusivity which will also be announced when they complete.
The JV represents a further strengthening of the relationship between the two businesses, with Chancerygate having sold in excess of 1.5 million sq ft of urban logistics assets to Northwood Investors during the past six months.
Most recently, in June this year, a JV between Chancerygate and Hines forward sold a 608,000 sq ft, five-asset portfolio to Northwood Investors for an undisclosed sum. The portfolio comprised developments in Birmingham, Bournemouth, Cheltenham, Tonbridge and Warrington.
Chancerygate managing director, Richard Bains, said: “We are delighted to have entered into this joint venture with Northwood which is a natural evolution of our close working relationship with them. We are excited by the opportunities it will deliver for both businesses.”
Chancerygate currently has more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. The company also manages in excess of £255m of assets across more than five million sq ft of commercial space in more than 390 units.
Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.