AEW, one of the world’s largest real estate asset managers, and Allianz, today announced their first speculative logistics facility as part of a recently launched UK logistics venture. The project is situated at East Midlands Distribution Centre (EMDC) and was acquired with planning permission from CWC Group. When complete the cross-docked facility will provide 525,000 sq. ft of Grade A warehousing, with high quality office accommodation.
The new 525,000 sq. ft development is located on a 25 acre site next to the 1,000,000 sq. ft M&S national distribution centre. The scheme, which provides a rail link to M&S, is now nationally recognised as one of the Midland’s prime distribution hubs, with excellent motorway connections onto the M1 at Jn24a and positioned less than 5 miles from East Midlands Airport – the largest freight traffic airport in the UK, behind Heathrow.
Due for practical completion in December 2019, the new-build project will have 50m yards on both sides with a clear haunch height of 18m. The building which is now under construction will be completed to EPC ‘A’ and offer a BREEAM ‘Very Good’ rating.
Earlier this year AEW announced that Allianz had committed €290m towards a develop-to-core UK logistics venture, managed by AEW (pic above).
Nick Winsley, Managing Director at AEW UK Investment Management, commented: “We are delighted to be investing in the first development in our new UK logistics venture and expect to be making further announcements in the coming weeks.”
Charlie Royle, Director at AEW UK Investment Management, remarked: “When complete this facility will be one of the largest speculative buildings of its type anywhere in the UK and will provide occupiers choice in this supply starved market. We are currently seeing a national shortage of prime, well located, energy efficient warehousing - and have already had interest from a number of tenant prospects.”