RPMI Railpen acquires 5.85 acre site with Wrenbridge for London warehouse development
RPMI Railpen, has completed its latest acquisition, with the purchase of 5.85 acres of land in Waltham Cross, London. The site will be developed for a new, Grade A, speculative warehouse and logistics scheme with Wrenbridge acting as development partner.
The site benefits from close proximity to major roadways including the M25, A10 and M11, and is immediately adjacent to a railway link with regular 27 minute services to London Liverpool Street.
Alastair Dawson, Senior Asset Manager at RPMI Railpen, says: “The purchase of this Waltham Cross site reflects our appetite and ability to commit to large scale speculative developments. This is a great addition to our industrial portfolio which will increase our development exposure, while also contributing to our overall fund growth target. Primarily though, this executes our successful risk-return strategy to enable us to pay our 350,000 members pensions securely, affordably and sustainably.”
Jeff Wilson, Director at Wrenbridge, says: “This is a strategic site which we anticipate will have exciting occupational demand. A planning application will go in this year, with construction to commence next year. CBRE, Avison Young and Montagu Evans are being retained as our agents.”
Ben Coles, Chief Executive at Wrenbridge Land, adds: “We are delighted to complete this deal with Railpen. It is hopefully the start of a series of high profile large projects across the South East.”
The purchase sees Waltham Cross join a wide range of real estate assets owned and managed by RPMI Railpen, the investment manager for the GBP30 billion railways pension scheme.
Montagu Evans and CBRE represented RPMI Railpen in the purchase.