AEW has acquired a development site in the West Midlands for a 431,500 sq ft speculative logistics scheme.
It has bought Fradley 432, at Fradley Park in Lichfield from Evans Property Group as part of its recently launched €290m develop-to-core UK logistics venture with Allianz.
Evans will develop the site for AEW as part of the agreement. Due for practical completion in Q1 2020, the proposed new-build project will have a 100m yard with a clear haunch height of 15m.
Charles Royle, director, AEW UK said: “Fradley 432 is being built to the highest standard of specification, enabling an occupier to benefit from market leading sustainability features.”
The deal is the second speculative development announced by the AEW and Allianz joint venture. It will speculatively develop a 525,000sq ft logistics facility at East Midlands Distribution Centre.
McGuiness Waddington Real Estate and Avison Young have been appointed joint letting agents for Fradley 432, while Franck-Steier Price acted for AEW on the acquisition.