Investec REALIS and Wrenbridge team up to deliver logistics sites in Greater London and South East

The partnership has secured three sites for redevelopment. These include a vacant film studio production warehouse in Greenwich, which will be redeveloped into a single-let unit of around 40,000sq ft; a brownfield site in Cambridge to be redeveloped into a 37,000sq ft mid-box logistics unit; and a 47% share in the SPV owning the eight-acre Harlow Innovation Park site for a proposed 150,000sq ft industrial-focussed development.

The schemes, which will target an EPC A* rating and BREEAM Excellent certification, will be delivered in partnership with Buccleuch Property and Wrenbridge.

Wrenbridge has extensive experience in the logistics sector having delivered 30 schemes totalling £2bn in development value and is currently managing the construction of 1.5 million sq ft, with a further 500,000sq ft in pipeline. 

This latest partnership complements REALIS’ £400m joint venture with Kier Property to develop multi-let urban logistics assets across England, which launched earlier this year.

Yon Papageorgiou, Investec head of real estate equity investments, said: “Despite Greater London and the South East being Europe’s dominant last mile ecosystem, competition from higher value use classes has resulted in an acute supply demand imbalance for modern, sustainable urban logistics.

“In Wrenbridge we have teamed up with a trusted, longstanding partner, and their ability to source three projects at such an attractive entry price is testament to the strength of their relationships and the depth of their local market knowledge.” 

Ben Coles, Wrenbridge chief executive, added: “We are very excited to have teamed up with Investec to deliver three best in class sites. The projects located in Greenwich, Cambridge and Harlow will be brought forward on a speculative basis, reflecting our belief in the occupational markets driven by a continued supply and demand imbalance.”