BentallGreenOak acquires 60 acres at Avonmouth, Bristol
BentallGreenOak (BGO), a global real estate investment management adviser and provider of real estate services, and its development partner, Equation Properties, have acquired a 60-acre development site in Avonmouth.
The site benefits from existing planning consent and is close to Bristol’s key transport links. It will be developed by BGO and Equation across three phases with units ranging from 40k sq ft to 560k sq ft and the first units will be completed by the summer of 2022.
This transaction further cements BGO’s position as one of the most active players in the European logistics market. While it has been operating in this space for many years, in the past six months alone the firm has executed five transactions to acquire standing assets and development land to deliver a combined five million sq ft of UK logistics space. This includes the acquisition, made in partnership with Equation, of Orwell Logistics Park, Felixstowe, for the development of one million sq ft of logistics space.
Toby Phelps, Managing Partner and Head of European Equity at BentallGreenOak, says: “Since we started investing in the logistics sector in 2015, we have not seen a market environment with such compelling fundamentals. The Covid pandemic has accelerated certain behaviours, such as consumer reliance on e-commerce, which mean that these assets are now in higher demand than ever. As one of the most experienced owners and operators of logistics property in Europe, we are focused on owning and developing state-of-the art assets to meet this demand and delivering sustainable risk-adjusted returns for our investors.”
JLL and BCLP advised the seller, with Avison Young and Taylor Wessing advising the buyer.