A joint venture, between the fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and Hines, has acquired a six-acre site to deliver $59m, 165,000ft2 industrial scheme in London, the UK.
The site in East London’s Dagenham was previously owned by wholesale electrical distributor Rexel.
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The JV intends to submit the plans to deliver up to 20 units ranging from 3,000ft2 to 33,000ft2 which will be used for warehousing and trade counter use.
The units will be available either on lease or freehold.
The site is located between A12 and A13, and less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios.
Industry developer and asset manager Chancerygate development manager Tom Faulkner said: “We are very pleased to have secured this exciting development opportunity in such a prominent London location. Our proposals for the scheme will address a shortage of high quality, new build warehousing supply in the area.”
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By GlobalDataThis project site is the second to be acquired by the JV.
Earlier, the JV acquired 350,000ft2 Network West development in Bracknell, Berkshire, and this site is currently awaiting planning approval.
Real estate firm Hines UK director of industrial and logistics Greg Cooper said: “In developing a range of units speculatively, we aim to attract a variety of different businesses to Dagenham that are either expanding or relocating.
“Given the site’s proximity to what will be a world-class film studio, we also expect our development to be an attractive option for businesses serving the TV and film industry. This serves as yet another example of our creative transformation of urban environments with leading-edge logistics developments.”
The JV was advised by CBRE on the acquisition, and Colliers had acted on behalf of Rexel.
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The JV intends to submit plans to deliver up to 20 units. (Credit: Hines)
