Industrial and logistics REIT Urban Logistics is forward funding 200,000 sq ft of warehouse space in two schemes in the East Midlands to the tune of £23 million.
It has exchanged contracts with Wilson Bowden Developments for the forward funding of five high-quality urban logistics assets at Nottingham and Leicester. Four units totalling 166,330 sq ft will be speculatively built on an 8.1-acre plot at Blenheim Park in Nottingham, while a further 43,850 sq ft unit will be built on a 2.5-acre site at Optimus Point, Leicester. The deal is subject to planning.
Both schemes will be built speculatively with construction expected to commence in September 2021. Practical completion is anticipated between September 2022 and February 2023.