Barings, a global real estate investment manager, has agreed to forward fund a £42.5m logistics warehouse development in Bolton.
The scheme will take place at Wingates Industrial Estate, and is being carried out in partnership with Panattoni, an international real estate developer.
Comprising approximately 358,000 sq ft of Grade A space across two units, the site is situated one mile from Junction six of the M61.
While the first 77,800 sq ft unit has been pre-let to Hermes on a 15-year lease, the second 280,700 sq ft will be developed speculatively.
Darren Hutchinson, managing director and head of UK real estate transactions at Barings, said: “Demand looks set to continue growing as a result of Covid-19 which has expedited the shift to online.
“The pre-letting of one unit to Hermes has de-risked an element of the project and with a strong degree of occupier interest in the second unit already, we believe this development is well placed to capture the demand for Grade A stock in prime locations in the north west of England.”
It is the firm’s sixth logistics acquisition of 2020, bringing its total yearly investment in the sector to £273m.
Gunther Deutsch, managing director and head of real estate transactions for Europe at Barings, added that with “another seven transactions under exclusivity” he expects a “strong year” for the company.