Together with their partners Peel Land & Property, Ivanhoé Cambridge have acquired the 43-acre site at Gateway 45, close to junction 45 of the M1 motorway. It is the final slice of a 166-acre site with outline planning consent for 2.64 million sq ft.
The site, which is part of an enterprise offering modest tax advantages, was sold by partners Evans Property and Harworth Group.
Work on developing the new Ivanhoé Cambridge/Peel units will begin in summer 2020.
Other occupiers on the Aire Valley site include the government’s HS2 high speed train business, who have reserved a plot of a new rolling stock depot to support the Birmingham to Leeds spur.
Peel and the Canadian investors first teamed up in 2017.
The first fruit of the deal was an 800,000 sq ft Sheffield warehouse. Peel will own 20 per cent of the new venture, Peel Logistics Property UK Logistics Venture (UKLV), with Ivanhoe Cambridge controlling 80 per cent.
This was the first joint venture of its kind for Peel, and extended their reach into logistics hubs across the UK. It comes in the wake of a deal between Peel and Australian investors Macquarie who launched a AUS$2bn joint venture in 2015.