Henry Boot’s property development business, HBD, has secured a £53.8m deal with Oxenwood Real Estate, the UK and European real estate investment management firm, to forward-fund a 426,464 sq. ft. logistics development in Nottingham.
The forward funding partnership is with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate LLP.
New Horizon is a landmark 28-acre site, which was formerly home to Imperial Tobacco. The deal will see the development of seven industrial units from 30,000 sq. ft. to 145,000 sq. ft. on a speculative basis and is capable of creating up to 1,000 new jobs for the city.
The scheme is targeting a BREEAM sustainability rating of ‘Very Good’ and, subject to planning, is set to complete in the first quarter of 2023.
The deal is the latest in a succession for Henry Boot, including its £6.2m acquisition of a prominent site in Welwyn Garden City and a JV with Barings to deliver a £100m GDV logistics scheme in Rainham, Essex.
Ed Hutchinson, Managing Director of HBD, said: “This is the latest in a series of deals, with industrial and logistics a major component of our investment strategy. New Horizon is extremely well-located and will deliver new I&L space to satisfy established market demand for high-quality stock within the Midlands region.”