Welcome to the 2022 IAS Awards Website

Logicor

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 Fund Management

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.

Prologis

£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.

Mirastar

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.

Kier Property

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.

Wrenbridge

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.
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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.
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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
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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 Developments

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

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

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

Stoford have had another exemplar year.  In the last 12 months we have:

• 2,380,527 sq ft under construction
• Secured £500m funding
• Agreed 12 national pre-lets
• Secured more strategic land to take our landbank to 1,800 acres of commercial development pipeline across the UK
• 23,150,000 sq ft of future floor space capacity across UK

This work has helped the wider business deliver a 75% increase in turnover across the Group.
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Key highlights: -
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Icon Harlow – 3 lettings and £160m investment sale.
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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%.
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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.
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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.
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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

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

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.