This category is for an individual occupational transaction (excluding investments) on an industrial property no greater than 50,000 sq ft. The judges will be looking for a transaction that was either challenging or particularly rewarding for the occupier, fund, or developer. There are no restrictions in terms of the age of the property.
This category is for an individual occupational transaction (excluding investments) on an industrial property of between 50,000 to 100,000 sq ft. The judges will be looking for a transaction that was either challenging or particularly rewarding for the occupier, fund, or developer. There are no restrictions in terms of the age of the property.
This category is for an individual occupational transaction (excluding investments) on an industrial property of between 100,000 to 250,000 sq ft. The judges will be looking for a transaction that was either challenging or particularly rewarding for the occupier, fund, or developer. There are no restrictions in terms of the age of the property.
This category is for an individual occupational transaction (excluding investments) on an industrial property greater than 250,000 sq ft. The judges will be looking for a transaction that was either challenging or particularly rewarding for the occupier, fund, or developer. There are no restrictions in terms of the age of the property.
This category is for multi-unit schemes of two or more units across all industrial sub-sectors, with an average individual unit size of below 100,000 sq ft.
The Judges will be looking for schemes which have been particularly successful over the last 12 months and clearly stand out from the competition. Factors that will be considered include income and rental levels, lease terms, occupancy, design, asset management etc.
There are no restrictions in terms of the age or size of the scheme, only the scale of the individual buildings.
This category is for multi-unit schemes of two or more units, primarily servicing the logistics sector with an average individual unit size in excess of 100,000 sq ft.
The Judges will be looking for schemes which have been particularly successful over the last 12 months and clearly stand out from the competition. Factors that will be considered include income and rental levels, lease terms, occupancy, design, asset management etc.
There are no restrictions in terms of the age or size of the scheme, only the scale of the individual buildings.
This award will go to the party that has undertaken a transaction of a standing investment or forward funding of an industrial property or properties. The purchaser or vendor will be able to demonstrate that the investment deal is of particular merit. The transaction must have been completed between July 2022 and June 2023.
This category is for single let or multi-unit schemes across all industrial sub-sectors, where the property has been enhanced through active asset management.
The Judges will be looking for initiatives that stand out from the competition. Factors that will be considered include improvement in rental levels and value, lease terms, occupancy, design, implementing a specific strategy etc. There are no restrictions in terms of the age or size of the building or scheme.
Entries for this category must demonstrate the agency involvement during a transaction which added value, went the extra mile and who’s contribution positively affected the end result to the benefit of all parties.
There are no restrictions as to whether the nominated person holds a junior or senior position in the industry, or the circumstances surrounding their nomination. The winner will be selected by the IAS Awards 2023 Judging Panel and the IAS Awards Organising Committee.
Entries for this category must be made directly by the fund or development company themselves, via the online form. A suitable initiative could be on a scheme specific level delivered over the last 12 months and which demonstrates a progressive and innovative approach to Environmental, Social and Governance (ESG) within the Industrial & Logistics sector. Alternatively, corporate level accreditation and policy could also be submitted, albeit with specific reference to implementation across a scheme(s).
With ESG now playing a vital role in property ownership, development and occupation, the judges will be looking for those projects which have embedded ESG considerations into the property lifecycle, whether that be from due diligence to acquisition, refurbishment or development, or from leasing to asset management. Consideration should be given to providing measurable impact, such as in respect of climate targets, carbon reduction, Biodiversity Net Gain, and the circular economy.
From the entries, the IAS Awards 2024 Judging Panel will select a shortlist and ultimately decide the winner:
Entries for this category must be made directly by the fund or property company themselves, via the online form. Funds and property companies should provide a summary of their activity over the last 12 months, support their entry for Fund / Property Company of the Year, comprising no more than 300 words. Supporting documentation may be provided for the judges’ consideration.
The judges will be looking for those funds that have shown an in-depth understanding of the industrial and logistics market, working alongside developers, agents and occupiers in an innovative manner whilst delivering maximum value for all parties.
From the entries, the IAS Awards 2023 Judging Panel will whittle down the nominees into a shortlist. Once the shortlist has been announced, the winner will be decided by a vote by IAS members.
IPIF is the largest Multi-let industrial Fund in the UK, established 26yrs ago in 1997 the current Fund value is £3.1bn. Comprising over 182 multi-let industrial estates across the UK, including 60+ trade schemes and 12 self storage schemes totalling over 2,000 individual units. The Fund’s performance is delivered year on year by a dedicated and experienced Asset Management team together with the continued commitment and expertise of over 100 Industrial Agency teams across the UK and our development partners.
The Fund currently has over circa 20 live development projects totalling over 3,000,000sq ft with partners including Canmoor, Panattoni and Taurus focussed on creating urban-logistics assets anticipated to experience strong occupational demand resulting from growth in e-commerce and last mile delivery requirements; multi-let and trade assets; and a small number of self-storage assets.
A significant proportion of these projects are pre-let and its speculative projects have seen strong occupier interest. Strong occupational interest is being reported and a significant proportion (over 90%) of the first two phases of the development programme are either currently let or under-offer.
As part of its ESG strategy IPIF has a proactive rolling refurbishment programme to promote ESG/Sustainability/energy efficiency and achieve a minimum EPC B rating. IPIF has a dedicate ‘Green Team’ to promote and implement sustainability initiatives for all asset and at all lease intervention points using new technology solutions and software to create tenant engagement platforms and improve energy data collection.
Signed +237 new leases and regears over past 12 months, totalling c.5.2m sqft.
Increased average occupancy from 95% to 96.2% across our portfolio.
Continued to retain and grow a diverse portfolio of customers despite recent macroeconomic challenges -
Extended relationships with existing long-term partners: DHL (650K), Syncreon (363k), Tesco (255K), Culina (212K), and Great Bear (127k)
Signed leases on vacant space on over 1.2m sqft, e.g. M&S (224K), Panther Logistics (224K), GXO Logistics (165K) and Wincanton (145K)
Welcomed new partnerships with Hermes and McDonalds
Secured planning consent for 1.5m sqft of modern sustainable warehouse space with a further 425,000 sqft of planning applications being submitted for development.
Expanded our development team and activities to deliver premium assets and developments e.g. 800,000 sqft speculative development starting on-site June 2023 at Logicor Park Daventry.
Continued to refurbish existing assets, reducing our carbon footprint, resulting in new long-term leases, all secured during the refurbishment works at Wellingborough170 to GXO, DIRFT224 to M&S, and Keypoint224 to Panther Logistics.
Spent +£28m on refurbishments to enhance the sustainability of our customers warehouses, with BREEAM Very Good as a minimum.
Expanded portfolio with significant new developments acquisitions in Reading, Dartford and West Molesey.
Working with customers throughout the UK to implement solar PV for renewable energy sources.
Furthered our investment into increasing DE&I across the industry through partnerships with:
The Talent Foundry in Dartford – we’ve hosted practical workshops that supported +400 young students from underserved backgrounds to develop their employability skills.
Real Estate Balance, through our mentoring programme which offered +330 hours of mentoring to underprivileged communities.
Social Value Portal to deliver local social value action plans addressing specific local needs – ensuring we deliver positive change in the communities we operate in, to create a more inclusive industry.
- £5.7b AUM / Operating portfolio of 31.3m sq ft, including 28 Prologis Parks
- Average core occupancy at 98.7%
- Grew Net Operating Income from £210m to £250m
- £1b capital deployed, comprising:
Building acquisitions £400m
Development starts £450m
Land acquisitions £125m
Flagship Midlands development at DIRFT saw several significant milestones:
Completion of construction and fit-out at Culina’s build-to-suit development totalling 538,000 sq ft across two units with shared yard.
Practical completion of DC628 & DC327, two speculative developments across 955,000 sq ft of high quality 100% electric, beyond net zero facilities, including enhanced external amenity areas.
New 130 bay lorry park, with facilities to support driver welfare and available to all park users.
New rail freight terminal capable of receiving 24 trains a day
Further highlights:
Off-market acquisition of a four assets in London for £338m, at Park Royal, Croydon, Watford, Erith – further expanding portfolio within strategic locations key to logistics fulfilment in the South East.
Full occupancy at Prologis Park Beddington, concluding with the lease of DC3 to Harvest London to develop an industry-leading vertical farm facility in South London at a record rent for the area.
Announced a flexible new leasing model helping meet the needs of businesses with short-term additional storage requirements. Prologis UK is developing a 335,000 sq ft building which will be leased on a pallet-by-pallet basis.
Groundbreaking at Hankook Tyre UK’s new build-to-suit 357,222 sq ft unit at Prologis Apex Park, whilst offering the customer a short term lease on its existing building, DC4 Prologis Park Kettering.
Growing portfolio and robust financial performance allowed Prologis to make a number of high profile senior appointments – bolstering experience government affairs, sustainability, lifecycle asset management and energy.
Continuing construction on 1000 Discovery Drive, a speculative life science development at Cambridge Biomedical Centre of multi-let laboratory & office space.
We completed one of 2022’s largest UK letting transactions …
Tritax Big Box’s customer focus sets it apart. Our collaborative approach and ability to support its ambitious UK growth and ESG strategy saw US-headquartered Iron Mountain select Big Box to create its first UK campus – a c.1m sq.ft. letting in Rugby, one of the UK’s largest. Shortly after, we exchanged an agreement for lease for a second site, a c.300,000 sq.ft. logistics space in Kettering.
Secured a record 3.1m sq. ft development lettings …
We successfully converted customer requirements into new lettings, despite challenging macro-economic conditions. This included record development lettings, which secured £23.3m in additional annualised contracted rental income.
Broadened our portfolio to include small-size boxes …
Taking advantage of investment conditions, we acquired £58.5m of urban logistics assets with significant near-term reversionary potential. This further broadens Big Box’s portfolio to include small-size boxes to meet growing customer demand.
Delivered on a disciplined capital recycling strategy …
In difficult market conditions, where many struggled to achieve valuation on disposals, we achieved exceptional pricing inline with valuation for three non-core assets.
Grew our dividend …
Our strong FY22 performance translated into a year-on-year increase in the total dividend of 7.00p per share (2021: 6.70p), representing 4.5% annual growth for investors.
And continued to push boundaries in ESG …
We’re making tangible progress against our 2023 ESG targets, including 17MW of solar projects with customers, and continue to roll out our EV charging strategy. We set a more ambitious net-zero-carbon target – now 2040, rather than 2050. We also renewed our partnership with Schoolreaders, increasing literacy outreach to 1,800 pupils most in need, in communities where Big Box’s assets are based.
Just some of our highlights, achieved despite significant macro-economic headwinds.
Entries for this category must be made directly by the Development company themselves, via the online form. Entries for this category must provide examples of developments where all buildings are <100,000 sq ft. The Company should provide a summary of their activity over the last 12 months, to support their entry for Multi-Let Developer of the Year, comprising no more than 300 words. We strongly encourage providing supporting documentation for the judges’ consideration.
The judges will be looking for those developers that have shown an in-depth understanding of the industrial and logistics market, working alongside funds, agents and occupiers in an innovative manner whilst delivering maximum value (financial or otherwise) for all parties.
From the entries, the IAS Awards 2023 judging panel will whittle down the nominees into a shortlist. Once the shortlist has been announced, the winner will be decided by a vote by the IAS membership.
Barberry is a privately-owned property development and investment company, based in the West Midlands, established in 1983. This year represents our 40th anniversary!
We have the energy, flexibility, knowledge, and dedication which allows us to develop market-leading, occupier focussed, institutional buildings with sustainable design features such as BREEAM Excellent and EPC A/A+ ratings as standard. Our equity base enables us to be flexible in our approach and secure the right opportunities at the right time and to deliver projects of the highest quality.
Barberry have had an exceptional year, with a considerable number of developments and transactions coming to completion within the given period. We have completed over 1.5 m sq. ft of market leading mid box industrial developments in the last few years across 10 sites compromising 23 buildings. Specifically for the period July ‘22 to ‘23 Barberry have achieved PC on 6 buildings across 4 sites totalling 550,000 sq. ft, forward sold to five separate investors, including ARA and Knight Frank IM, for a combined capital value of £90 million.
Around 5 years ago Barberry identified an acute demand-supply imbalance in the mid-box industrial and logistics occupational sector. At that time, many developers were focused on delivering big-box units, typically with institutional backing. Over this period the structural changes that we had identified accelerated in part due to Brexit and COVID. The demand-supply imbalance grew resulting in record rents and rental growth with a spectrum of investors seeking exposure to the mid-box sector, resulting in yield compression and record values. Barberry was bold in committing to the sector, often acquiring land on an unconditional basis, and speculatively developing buildings, of our balance sheet with an element of senior debt introduced on a some of the developments. Barberry’s timing on committing to developing but more importantly forward selling ensured record exit values were achieved with the last of the committed developments forward sold in April 2022.
We continue to have confidence in the sector and witness strong occupational demand for mid box manufacturing and distribution premises, with a continued lack of high-quality EPC A rated buildings and have a current pipeline coming forward in excess of 2.25 million sq. ft with a GDV of over £340 million.
HBD is one of the UK’s leading property developers. Working from six offices and with a £1.25bn development pipeline, it is underway with an impressive industrial and logistics portfolio. Its track-record in multi-let industrial development speaks for itself - particularly during the last twelve months, which has seen a host of successful new schemes take shape across the country, providing much-needed space for local SMEs to grow and expand.
2022-23 has seen HBD cement its reputation for high-quality, well-located multi-let development, continuing to bring new schemes forward and quickly progressing ongoing projects.
In Enfield, London, HBD completed the first phase of its 28-acre regeneration of the former Montagu Industrial Estate, creating Workstown; 60,000 sq. ft. of space across units between 4,101 and 10,279 sq. ft. Plans for phase two, and a further 300,000 sq. ft., is underway. The successful development of the site meant navigating a number of complexities, including conflicting land use and directions within The London Plan issued by City Hall.
HBD has also continued the expansion of its ‘Quad’ developments, completing the second phase of the popular scheme at its 83-acre Butterfield Business Park. Built speculatively, all five units were let or sold prior to PC.
Airport Business Park Southend, an extensive 21-ha development being delivered in partnership with Southend Council, has also secured its own Quad scheme, with work completing on 69,925 sq. ft. across two terraces of five units with two further detached units. At the date of the agents’ open day in September 2022, all 12 units were under offer awaiting PC. Today, five months after PC, nine units have transacted with the remaining three, delayed mostly due to lender obligations, scheduled for completion by the end of June 2023.
Trebor Developments is an established market leader in the industrial logistics sector. We have carried out a wide range of industrial development across the UK during the last 12 months, delivering multi-let industrial developments which have seen in all cases rapid tenant take-up of all units.
The Ridge development at Haverhill is an excellent example, consisting of 5 units ranging from 12,206 sq ft to 100,061 sq ft. The development of multi units was delivered in 2 phases, Phase 1 being developed speculatively, both units being let by PC. The remaining 3 units in Phase 2 had the benefit of a pre-let on the largest unit to Tait International (100,061 sq ft), together with a further 2 speculative units, both being let prior to PC.
Completion of this multi-let estate took place in December 2022, following which the entire investment was sold to a global investor as part of one of the world’s largest portfolio sales, consisting of properties in the UK, Poland, Germany and the US. The development achieved both record breaking rents and investment values.
Trebor deserves to win this category for the quality and financial success of the development projects that it has delivered over the past 12 months, Haverhill being an excellent example.
Trebor has commenced a range of other excellent multi-let developments, on a speculative and/or pre-let basis, including locations in Peterborough, Huntingdon, Ipswich and others.
Since July 2022 Tungsten Properties has delivered over 782k sq ft of Multi Let Industrial and Logistics space throughout the UK with a further 358k sq ft currently in the construction phase in Southampton (Penta Park) and Leeds (Velocity Point). These schemes have a combined GDV of £162m and cover all regions from Yorkshire to Sussex.
Tungsten Properties deserves to win this award for not only the volume of Multi Let projects that have been undertaken in the last 12 months, but for the variety of high quality I&L schemes that have been successfully delivered.
From new build trade schemes of c.34,800 sq ft in localised markets such as Brackley and Oakham through to much larger regional schemes of c.195,000 sq ft in Sheffield. In the last five years as a privately owned business, Tungsten has firmly established itself as one of the sector leaders in the mid-box sector.
In the last 12 months, eight Tungsten ‘Muti Let’ schemes have either PC’d or are under construction. Also, Tungsten secured a planning consent on 258,000 sq ft of Multi Unit I&L space in Brighton (Shoreham Airfield) on behalf of Kennedy Wilson, which was subsequently sold to Panattoni generating substantial returns for the funder.
At Greenland Road in Sheffield, 88% of the 12-unit scheme was under offer or let within three months of practical completion. Occupiers include Wolsely, Costa Coffee, Formula 1 Auto Centres and Headlam Group.
National covenants have been secured at our Multi Let schemes in Brackley and Oakham despite these towns having relatively small populations.
At Tamworth we were successful in agreeing a pre-sale of the entire scheme mid-way through construction to Eurofins, a world leader in scientific testing and pathology.
These are just some of the examples of our successes over the last 12 months.
Entries for this category must be made directly by the Development company themselves, via the online form. Entries for this category must provide examples of developments where the building / majority of buildings (60%) are >100,000 sq ft. The Company should provide a summary of their activity over the last 12 months, to support their entry for Logistics Developer of the Year, comprising no more than 300 words. We strongly encourage providing supporting documentation for the judges’ consideration.
The judges will be looking for those developers that have shown an in-depth understanding of the industrial and logistics market, working alongside funds, agents and occupiers in an innovative manner whilst delivering maximum value (financial or otherwise) for all parties.
From the entries, the IAS Awards 2023 Judging Panel will whittle down the nominees into a shortlist. Once the shortlist has been announced, the winner will be decided by a vote by the IAS membership.
During a turbulent 12 months, Baytree has been active in the market committing to c.£200m of development in the UK, reflecting our continued confidence in the sector and ability to manage changing market conditions.
Baytree has sought to push the boundaries of development and innovation since its inception.
Every Baytree project seeks to learn from its last and bring forward industry leading adaptions both in the conceptual design stage and the physical manifestation of the project.
Baytree are a business whose restless minds imagine a positive vision of the future, with the opportunity through our developments to solve many of the environmental and economic challenges of our time.
For example our scheme at Baytree Nuneaton has been designed as a campus with two market leading logistics facilities totalling circa 1m sq ft having been designed within the rigour of Baytree “Edge”, which has four focus areas:
• Technology enabled efficiency
• Clean air, water, soil and energy
• Health and wellbeing of building users
• Flexibility by design
The focus areas of Baytree “Edge” have been established as a framework to stretch the commonly understood boundaries provided by social, environmental and economic sustainability and the scheme features numerous pioneering industry firsts (see below).
Unit 1 (210,000sq ft) is designed to BREEAM Outstanding (Shell and Core), Unit 2 (771,000sq ft) is designed to BREEAM Outstanding (Fully Fitted) Both Units will meet the standards required to receive an EPC “A” certification as well as being designed to “Well” standards and with reference to the UK Green Building Council (UKGBC) Framework Definition for Net Zero Carbon Buildings.
Our designs pay great attention to providing enhanced health and wellbeing for building users. For example, there are MUGA pitches to play games, exercise equipment for fitness and sensory nodes for relaxation and contemplation.
Firethorn Trust is a privately-owned, well-capitalised and ambitious real estate investor and developer. Since our establishment in 2018, we have built our expertise and capabilities to become a market leader in UK logistics with a sharp focus on quality and sustainability.
In 2022, we were proud to be named ‘Developer of the Year’ by the Industrial Agents Society - testament to the rapid growth and success of the business, as well as our highly-regarded reputation within the real estate sector.
Over the past year, we have further cemented our position as a leading logistics developer, with a best-in-class national logistics portfolio, which now spans more than 4million sq. ft. of highly specified, Grade A warehousing accommodation.
Key achievements include:
• Expanding our London last-mile logistics portfolio by entering a joint venture arrangement with global investor Cain International to deliver a 17-acre development in Southall (Jul-22).
• Breaking ground at Sherburn42, a 660,000 sq. ft. logistics development in North Yorkshire, and at Barnsley340, a 24-acre logistics site in South Yorkshire (Feb-23).
• Progressing our landmark 42-acre industrial scheme, Link Logistics Park in Ellesmere Port, which includes a single 654,225 sq. ft. unit - the biggest single cross-docked warehouse developed in the North West in 2022.
• Fully letting Ascent Logistics Park, an eight-unit, 25.5-acre carbon neutral scheme in Leighton Buzzard, within 12 months of site completion (May-23).
• Securing two of three lettings at our Peterborough South development before scheme completion, including leading housebuilder Taylor Wimpey, who signed a 10-year tenancy on a 240,830 sqft warehouse.
Looking ahead, we continue to drive forward our unwavering commitment to sustainability, our investment in people, and a desire to collaborate with like-minded partners on innovative technologies to deliver high quality logistics spaces that are built for the future.
2023 has been an exceptionally busy year for GLP in the UK, delivering speculative and built-to-suit buildings, growing our standing portfolio and welcoming new customers to our community.
Over the year, GLP have completed over 1,600,000 Sq Ft of across 7 buildings, with a GDV of c.£230mn.
There has been strong leasing traction across the portfolio, with 3.25m sq ft of new leases and AFLs, to ten customers, signed in 12 months. Notable deals this year include CBRE’s acquisition of GLP’s 602k Sq Ft Mammoth Doncaster spec unit on behalf of Maersk, and Centrica, also represented by CBRE, leasing 2 units totaling 460k sq ft at Magna Park Lutterworth.
GLP has a further 1,600,000 sq ft of space currently under construction, including a 586k Sq Ft spec unit at Magna Park Corby and, at 658k Sq Ft, Europe’s largest modular housing factory for TopHat, represented by Savills.
Other customers this year include XPO, Centrica, Unipart, HBC, and Rhenus.
As well as direct development, we have continued to work with other developers, funding Clowes in Castlewood and Wrenbridge in Stevenage and Basingstoke. GLP’s UK portfolio has now reached 14.3m Sq Ft across 67 buildings. To ensure we remain development-ready for our customers, we have plateaued plots for c.6,500,000 sq ft of development, including the full 195 acres of Magna Park Corby.
Outside of development, GLP have also been busy in the UK – the G-Tour Bike ride celebrated its fifth year, having raised over £50,000 for Dementia UK, Parkinsons UK and Mind; Magna Park Community Fund donations have now exceeded £550k; and the London office has donated c.£180k to charities including Landaid and The Prince’s Trust, across 2022 and 2023 to date.
At Magna Park Lutterworth, the Centre for Logistics Education and Research has now opened, to support careers in Logistics.
From a standing start with no assets or development pipeline in 2016, PLP has developed and leased over 7 million sq ft of logistics space, with an additional 2 million sq ft due to complete in Q3 and Q4 2023.
PLP benefits from a development pipeline of more than 500 acres for development during 2023-2026. On a completed basis, the total asset value of PLP’s two develop-to-hold logistics fund ventures (UKLV1 & UKLV2) is over £2bn. Even after recent reductions in capital values, PLP will achieve a 15%+ annual IRR for investors over a 7-year investment term.
During the last 12 months PLP’s key highlights are:
Leasing highlights during the last 12 months include:
TOTAL: 3,409,508 sq ft
Speculative starts during the last 12 months, completing during 2023:
TOTAL: 2,002,380 sq ft
Entries for this category are to be nominated by IAS members, developers, and funders for an individual aged 30 and under in the industrial sector who they believe is a Rising Star and one to watch out for in the future.
There are no restrictions as to the position they hold within the industry and the winner will be selected by the IAS Awards 2024 Judging Panel and the IAS Awards Organising Committee.
Entries for this category are to be nominated by IAS members for an individual who in their opinion justifies recognition as having made an exceptional and outstanding contribution to the industrial property sector.
There are no restrictions as to the position they hold within the industry, or the circumstances surrounding their nomination. The winner will be selected by the IAS Awards 2023 Judging Panel and the IAS Awards Organising Committee.
In the past 12 months which saw Logicor celebrate its 10th anniversary, the UK team have continued to work tirelessly with our Customers and our Agents and since June 2021 have achieved the following:
• Completed over 236 deals totalling in excess of 4.4m sq ft.
• Signed over 100 new leases totalling 1.4m sq ft and 136 regears totalling 3m sq ft.
• Worked with over 50 different UK industrial agencies.
• Welcomed new customers including Dunelm, Next, DFS, Intertape Polymer Group, UPS, British Harlequin Plc, Deponti and IG Group.
• Secured new longer-term commitments with existing customers including GXO, DHL, B&Q, B&M, Great Bear, Bakkavor, Syncreon, and Williams Lea.
• Acquired and onboarded assets totalling 2.2m sq ft, with over 60 acres acquired and planning submitted for 650k sq ft.
• Commenced 58 refurbishments, totalling £13.2m.
• Welcomed 88 new joiners across Europe, with the UK team growing to 13.
• Formed a new internal mentorship programme with 43 Logicor employees involved.
• Supported colleagues in partnership with MYNDUP and HeadSpace
• Become a member of “Real Estate Balance” campaigning for a more balanced and inclusive real estate sector.
• Created new employee Diversity and Inclusion committee “Space To Be Me” offering employees support, webinars and activities during International Women’s Day, Pride Month and Black Inclusion Week.
• Grown our commitments to ESG including identifying a pathway to net carbon zero
• Initiated a new Biodiversity Programme across 14 of our sites including; bird boxes, bug hotels, hedgehog houses and bat boxes, working with The Green Organisation.
• Joined the BPF, with our CEO joining the Supply Chain board.
• Formed new European-wide charity partnership with TreesForCities, planting a tree for every Logicor employee.
• Worked closely with LandAid as Strategic Partner raising £41,100 through Steptober, SleepOut, LandAid 10k, and additional donations.
• Raised £3000 for MIND through Liam Lewis’s London marathon, & £1000 for Movember.
Bridges is delivering a portfolio of 17 low-carbon multi-let logistics schemes across the UK, working in tandem with seven different joint venture development partners. This new-build portfolio will comprise 4.5m sq. ft. across 195 units, with a GDV of circa £850m.
These will be some of the most sustainable industrial schemes ever built in the UK, including several that will be Net Zero Carbon in construction and operation (including Wallingford, Basingstoke, Stevenage, Frimley, Tolworth).
These schemes don’t just help to reduce carbon emissions and support the transition to Net Zero. They are also perfectly suited to the needs of corporate occupiers, who are increasingly looking to future-proof their logistics portfolios from an ESG perspective and reduce their running costs and reliance on fossil fuels. More than 50% of the portfolio has been pre-let or sold by way of forward sales off-plan to investors, with the sales generating an average IRR in excess of 60%.
Bridges is working with 18 different letting agents on these 17 schemes, which are located across the UK from Edinburgh down to Havant on the South Coast. We have already achieved some major pre-lets and pre-sales to occupiers including Bunzl, Oxford Biomedica, Toolstation, Travis Perkins, Lok ‘N Store, Screwfix, Wolseley and a Global Technology Company. All the pre-lettings were achieved at rents 10% in excess of the original underwriting.
£6.3b of assets under management
Operating portfolio of 28.3m sq ft, including 22 Prologis Parks.
Maintained average core occupancy at 99.5% over the past year
Grew core Net Operating Income from £185m to £205m
£1Billion capital deployed, comprising: -
- Building acquisitions £235m
- Development starts £625m
- Land acquisitions £150m
In January the UK Logistics Venture, a JV formed to develop £1 billion of logistics assets, was wholly purchased by Prologis. The portfolio compromised 7.6m sq ft across 40 units and in line with strategic geographic priorities in the Midlands, South East and London.
Flagship Midlands development at DIRFT saw several significant milestones:
Completion of “The Hub at DIRFT”, a facility dedicated to logistics training in an industry first.
Practical completion of base build at the Royal Mail’s new 840,000 sq ft parcel hub.
10-year lease of 189,000 sq ft DC4 unit to Dunelm Group prior to practical completion of the speculative build, creating 170 jobs.
Ground breaking at Eddie Stobart’s build-to-suit development totalling 538,000 sq ft across two units with shared yard.
Further highlights:
Dynamic tripartite agreement to purchase a Makro store in Croydon and simultaneously enter agreement to lease converted unit to a prominent online retailer as a last-mile logistics facility.
Full leasing of Prologis Park Pineham, Hams Hall & Midpoint – in many cases with contracts in place prior to project completion.
Completion of Jaguar Land Rover’s Logistics
Operations Centre delivering 980,000 sq ft warehousing space on a 50-acre site adjacent to their manufacturing facility.
Finally, Prologis started construction on a speculative life science development at Cambridge Biomedical Centre of multi-let laboratory & office space.
A growing portfolio and robust financial performance allowed Prologis to make a number of high profile senior appointments – bolstering experience in areas as diverse as planning, communications and urban high density logistics.
In just 3 years, Mirastar has established itself as a leading investment manager and developer in the UK and Europe, achieving exponential growth and phenomenal leasing success. Despite the challenges of the last few years, Mirastar tripled its headcount during the pandemic period as well as growing by 70% every quarter over the same 2 year period.
With a solid working relationship established between the companies, it was during the first Covid lockdown when a deal was agreed for KKR to take a majority stake in the business, paving the way for further growth and success.
In the past 2 years, Mirastar has a assembled a UK portfolio of 20 prime logistics facilities, with a combined end value exceeding £1.1 billion through a mixture of investment and development transactions, including landmark deals such as the acquisition of Icon Harlow from TPG/ Stoford earlier this year.
Since July 2021, Mirastar have also transacted secured over 1.1 million sq ft of new lettings in their UK development portfolio. This alone is far in excess of most property companies.
As well as an investor in standing assets, Mirastar have been successful in delivering 1,504,243 sq ft of speculative development since July 2021 which is either complete (765,399 sq ft) or under construction (738,844 sq ft). Mirastar have adapted their approach to secure investment opportunities which include the land purchase and self-development of 21.2 acres at Arterial Park, Rayleigh, as opposed to the Forward Purchase structure which has been favoured at our Axis J9 Bicester, Gorsey Point Widnes, Air Logistics Speke and Catalyst Sheffield developments.
Since July 2021, Mirastar have also transacted over 1.1 million sq ft of new lettings in their UK development portfolio. This alone is far in excess of most property companies.
Over the last 12 months Kier Property has completed on the sale of 4 new spec built multi-let investments to capitalise on the buoyancy of the market:
1. Trade City Maidenhead, A 55,000 sq ft scheme that was 60% prelet to Furniture Village with 3 of the 6 trade units also under offer. The investment was sold to Royal London Asset Management in December 2021, just 2 months after practical completion. LSH acted for Kier Property on the sale.
2. Trade City Gravesend, A 35,000 sq ft multi-let scheme let to the likes of Screwfix, Toolstation and Cubico. The scheme was sold in December 2021 to Legal and General for £11.85m. Savills acted for Kier Property on the sale.
3. Trade City Winsford, A 125,000 sq ft 13 unit multi-let scheme and let to an outstanding tenant line-up including Toolstation, Screwfix, British Red Cross and Gemco. The scheme was 83% let and sold for £22.8m in June 2022. B8 Real Estate acted for Kier Property on the sale.
4. Trade City Luton, A 123,000 sq ft 13-unit scheme let to a strong tenant line up including Dnata, A&A Financial, Premier Exports, Etherworldwide, Grant and Stone and Evolution Ceramics. The development reached practical completion in August 2021 and was sold to Aberdeen in June 2022 for £37.9m. Savills acted for Kier Property.
Kier Property also entered into a new joint venture with PGIM Real Estate, to develop a portfolio of light industrial and last urban logistics warehouses across the UK. The venture has £400 million of capital to deploy and will build on Kier’s successful Logistics City and Trade City brands.
We have already acquired industrial sites in Bognor Regis, St Albans, Knowsley and Milton Keynes, with additional sites in the pipeline equating to more than 650,000 sq ft.
Over the past year, Wrenbridge has worked on several multi-let schemes in Waltham Cross, Houghton Regis, Bedford, Dartford, and Aylesford. Owing to the high-specification, stellar location and leading sustainability credentials of each scheme, the majority are fully let less than one year post-PC.
Waltham X, London
- Fully let to four investment-grade tenants 9 months post-PC
- Six modern and high-specification units, ranging from 5,000 sq ft to 85,000 sq ft totalling 132,000 sq ft
- BREEAM Excellent, EPC A
- High-grade internal specification provides modern and efficient open warehouse space, supported by office accommodation. High levels of glazing to the entrance cores and office accommodation
- Site sits adjacent to the M25, providing instant access to the motorway network
- The scheme’s most significant letting was to Getir, the ultra-fast delivery pioneers, who agreed to take 110,900 sq ft (1/2) of the scheme. The remaining units were let to A&A Financial Consultancy, Paragon Projection and a final confidential occupier.
Arc, Aylesford
- Fully-let 3 months post PC
- 125,000 sq ft, four-unit scheme
- Ecology park
- BREEAM Excellent, EPC A
Ho11A, Houghton Regis
- Six-unit, 101,000 sq ft Grade A scheme under construction
- Forward sold to IM Properties for £22m
- Targeting BREEAM Excellent and EPC A
- 3 miles from J11A of the M1
Dartford X, London
- High-spec, five-unit scheme ranging from 11,000 sq ft to 66,400 sq ft, totalling 185,000 sq ft
- BREEAM Excellent, EPC A
- Modern and naturally well-let warehouse units with leading sustainability features such as PV panels, EV charging points and water-saving fixtures
- 1 mile from J1A of the M25
- Largest letting to date was to Leathams for the 25,900 sq ft unit
- After being impressed with the quality of Wrenbridge’s Waltham X scheme, A&A Financial Consultancy took 13,090 sq ft of space at Dartford X
- One unit under offer, leaving only one vacant unit
Trebor is an established market leader in the Industrial Logistics Sector and has, in the last year, implemented a number of multi-let projects which have seen strong letting uptake across its UK locations.
Projects have included Portside Park, Avonmouth, Bristol, delivering a range of 6 units from 15,000 sq ft to 88,000 sq ft and subsequently sold as investments to NFU Mutual. The Ridge at Haverhill, a development of 5 units ranging from 22,120 sq ft to 100,060 sq ft with the largest unit pre-let to Tait Industries and all other speculative units let prior to Practical Completion to a wide range of quality occupiers. Central Approach, Bristol, representing 2 larger industrial units of 107,660 and 113,573 sq ft, with the first unit pre-let to Oxford Instruments for their new Head Quarters and the second unit available as a speculative development which will complete in July 2022.
The quality of these investments in multi-let development speak for themselves, often developed as a combination of speculative and pre-let developments in a range of unit sizes in order to be attractive to a wide range of occupiers.
Trebor has also secured a wide range of further sites which are now coming forward for development in 2022, ranging from 2-unit schemes to multi-let development schemes, which will deliver a range of over 20 units, all commencing on site during 2022 and a number of sites secured in off-market transactions.
Chancerygate is the first and only company focusing on the speculative development of multi-unit urban logistics and industrial estates on a nationwide scale for the SME market. We experienced another positive year, completing 12 new developments throughout the whole of the UK.
We had significant success in de-risking our development pipeline with two significant portfolio sales comprising of 11 development projects to two investors for a total consideration of £272m.
All developments completed in the year have been fully divested of concluding successful ‘cradle to grave’ development projects and delivering strong profit to the company.
The business’s speculative acquisition strategy saw its development arm invest £53.2m to purchase 10 new sites across the UK during the period and also deliver 1,270,000 sq ft of industrial space across 12 schemes.
We have also made our European debut, acquiring a site in Dublin, Ireland, in May this year. Subject to planning, we will speculatively develop 114,000 sq ft of Grade A urban logistics and warehouse space across 14 units.
In the last year, we have:
• Grown a pipeline of 4.3 m sq ft over 30 sites
• Obtained 8 planning consents for over 950,000 sq ft of new development
• Placed 10 build contracts with a value in excess of £55m
• Disposed 138 individual units totalling 1.05m sq ft
With offices across London, Milton Keynes, Birmingham and Warrington, our regional knowledge has been key in enabling the growth of the business and facilitating some of its biggest ever development deals this year. With this, we have committed to further expanding into the regions and have opened a Bristol office in September 2021 allowing further penetration of the South West market.
This has enabled us to spread our geographical reach and over the past 12 months have invested in development sites in Scotland and Ireland, becoming the 1st UK national developer to do so.
SEGRO achieved a truly outstanding financial performance in 2021 powered by its development programme.
In a record year, SEGRO completed 839,200 sqm of development across 47 projects, with 93% of the new space already leased, as well as setting new standards in sustainability (see ESG) and leading the market in delivering the UK’s first urban multi-level warehousing (see Differentiators)
SEGRO is looking to the future and is well-positioned to sustain its growth through the delivery of its current and future pipeline.
At its Full Year results, the company reported it could exceed £1bn in annual rental income, with current development activity set to secure an additional £257m per year and its future land options forecast to deliver a further £390m.
In 2021, SEGRO completed a number of strategic acquisitions unlocking land for development.
Stoford have had another exemplar year. In the last 12 months we have:
This work has helped the wider business deliver a 75% increase in turnover across the Group.
Key highlights: -
Icon Harlow – 3 lettings and £160m investment sale.
Stoford exchanged contracts with Amazon in December 2021 and subsequently received detailed consent for the bespoke last-mile logistics facility (Unit D) and a 112,000 sq ft speculative unit (Unit E). Unit D achieved PC at the end of July 2021, representing only a 7-month period between exchange and building completion. Contracts were exchanged with Wincanton (Unit E) within 2 months of PC, with the lease completing on 1 April 2022. Stoford subsequently sold the fully let 4-unit scheme to Miristar/KKR in April 2022 for £160m, representing a NIY of 3%.
Pets at Home, Stafford - Despite challenging Covid-19 conditions, the scheme (770,000 sqft and creating >800 jobs), was prepared, submitted, and determined during lockdown. The unit completes in August 2022. The scheme end value was £98 million.
Additionally, Stoford have secured a further 570 acres of strategic industrial land across the UK, capable of delivering a further 12 million sq ft of space, with an end value of £2.1b that can deliver up to 12,000 new jobs.
We continue to heavily invest in allocated and strategic land across the UK whilst continuing to be a market-leading pre-let developer.
The company has expanded to appoint 5 new team members - two in our Land & Planning Team, a new project manager, a graduate development manager and a new accounts team member.
Firethorn Trust is a privately-owned and highly ambitious, but relatively young, real estate investor and developer, that has become a market-leader in the UK logistics space since its inception in 2018.
Firethorn’s rapid expansion in the past 12 months to build a best-in-class national logistics portfolio is a marker of its drive, sharp focus and commitment to creating high-quality industrial accommodation that goes the extra mile.
Key milestones include:
*Acquiring four new sites including a 37-acre scheme in Leeds (August 2021) and a 24-acre site in Barnsley (November 2021).
*Completing work at its first logistics site Northampton Cross and, three months prior to completion, letting the entire 354,000 sq. ft. scheme to a single occupier, MH Star UK - an e-commerce retailer - under a 15-year lease (August 2021).
*Securing three tenants (May 2022) at Ascent Logistics Park within three months of site completion. The 25.5-acre Leighton Buzzard development is constructed to net-zero carbon and offers 466,860 sq. ft. of Grade A logistics accommodation.
*Making its London last-mile logistics debut with the acquisition of a 4-acre scheme in Erith (January 2022) and a 4.3-acre development in Rainham (May 2022).
Indicative of its sector expertise, the quality and scale of Firethorn’s portfolio has not gone unnoticed. This year, global investor Cain International approached Firethorn off-market to purchase & forward fund its entire UK logistics portfolio for £550m, with the transaction completing in April 2022. The Grade A logistics assets comprised seven UK sites, totalling 3.25 million sq. ft. across 22 assets, including two newly built developments and five consented land sites.
Both parties are now committed to working in partnership to grow the UK logistics platform to over £1bn of value over the next 12-18 months. For Firethorn, the spark of ambition that first ignited the business is still burning bright.
GLP has had an exceptionally busy 12 months across all regions in the UK, committing to and developing 3,100,000 Sq Ft of speculative space and a further 1,000,000 Sq Ft of BTS development as well as committing to or completing the funding of a further 1,700,000 Sq Ft of space being delivered by partners.
The letting of the final building at Magna Park Milton Keynes (represented by Savills, Burbage, and JLL) to Woodmansterne, marking the completion of the 5,740,000 Sq Ft park which is now 100% leased, though the completion of 2 units (117,000 and 140,000 Sq Ft) at Willen House has enabled us to maintain our customer offering in MK market.
GLP has successfully leased the first phase of speculative development at Magna Park North in Lutterworth (1,000,000 Sq Ft) with no void (represented by DTRE and Burbage Realty).
Another highlight was securing the leasing of all three units at G-Park Bedford Wixams to a single occupier, MH Starr, ahead of PC (represented by JLL, Cushman & Wakefield, and Savills).
Handover of Solidor’s new bespoke factory at G-Park Stoke brought the site to 100% occupancy.
To replace the land used to deliver these schemes, GLP has made several key acquisitions including a new 195-acre Magna Park site in Corby, East Midlands, a nine-acre site on Trafford Park, the North West’s premiere logistics and industrial location, and a new pipeline of urban locations across London.
ESG and sustainability has been a consistent theme across all these projects. Mammoth 602 in Doncaster was built to Net Zero in construction, replicating the success of Magnitude 314 in Milton Keynes, while the Centre for Logistics Education and Research at Lutterworth, will provide excellence in Logistics education and career opportunities, on-site at one of Europe’s most established logistics parks.
Petrina joined Tritax in 2007 and is responsible for the Group’s Asset and Property Management service, incorporating ESG and insurance functions. Within her role, she is focused on the strategic management approach, procedures and processes that unlock and create value enhancing initiatives to protect and maximise investor returns. She has developed the capabilities of the team to extend the skill sets in logistics and industrial operations, integrating ESG and power considerations into analysis and reporting. Prior to joining Tritax, Petrina was a Partner at Knight Frank, managing the Trophy Asset Management team. She began her career at Carter Jonas in 1996 where she qualified as a chartered surveyor, subsequently moving to King Sturge (now JLL) to gain experience in institutional industrial portfolio management.
James has 15 years experience in the property market and is responsible for expanding the business in the South East region. James’s role at Panattoni is to originate and deliver both large scale speculative and build-to-suit projects. In the last three years, James has delivered over £350 million of new build projects, including some of the largest logistics build-to-suit projects in the market.
Tom is a Development Director at Canmoor, with responsibility for the sourcing, securing and delivery of development opportunities across the Southeast and Midlands industrial markets. Tom graduated from Birmingham University before qualifying as a Chartered Surveyor. He spent 8 years working for Stutt & Parker within their industrial/Logistics team, before moving to Canmoor Developments in 2012. Since joining Canmoor he has been involved in over 2 million sq ft of high-profile schemes including Mustang Park in Daventry and Midas in Harlow.
Richard has worked at St. Modwen since 2007 and leads the delivery team for St. Modwen’s industrial and logistics construction nationally. He is responsible for all aspects of project assembly, procurement and delivery, and currently leads on product development. Richard has also been instrumental in the design and engineering of St. Modwen’s industry-leading Swan Standard design code for its scalable industrial and logistics units. Richard has over 30 years’ experience in the construction sector and has successfully worked on many major industrial & logistics, residential and commercial projects.
Matt has worked in logistics real estate his entire career in a range of occupational and agency roles. His current role is Regional Head of Industrial Real Estate - Europe at Maersk, overseeing a rapidly expanding portfolio in support of Maersk’s integrated growth aspirations. Prior to joining Maersk, Matt was employed at DHL as Regional Head of Real Estate Solutions, an in-house development/investment trading entity. Matt began his career in 1995 at National Freight Corporation (NFC), the role included estate management of NFC’s ownership in St Pancras basin, a very different environment to now.
