Copyright: Prasit Rodphan

Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, is expanding its logistics investments in the U.K. through the acquisition of four development projects through its partnership with British logistics and industrial property business PLP.

The four sites, which have a combined land area of more than 130 acres, are located in Crewe, Leeds, Knowsley and Sheffield. The investment allows PLP to develop more than 2.6 million square feet of logistics space, with speculative development on three of the sites to begin this year. 

Read: Construction starts on Ivanhoé Cambridge’s California logistics centre

“We are pleased to continue the growth of our logistics portfolio in the U.K. alongside PLP,” said Karim Habra, head of Europe at Ivanhoé Cambridge, in a press release. “With this new acquisition of a prime development portfolio, we are on track to becoming leaders in the sector. This investment aligns perfectly with our global strategy to invest in high-quality logistics real estate in key hubs around the world.”

The delivery of the four projects is forecast for 2020 and 2021, according to the release. Jeremy Greenland, chief executive officer at PLP, said all the sites offer a turnkey operation and provide PLP with the opportunity to deliver logistics space in a variety of configurations. “Beyond these acquisitions, we continue to look for prime logistics developments and assets in key markets,” he said.

Read: Caisse boosts investment in Canadian logistics provider

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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