Invesco has acquired two existing units, which will be extended and refurbished to achieve a BREEAM Excellent rating, and an adjacent 6.4-acre vacant site, on which two additional units ranging from 60,000 sq ft to 90,000 sq ft will be built, on Vantage Way in Birmingham.
The acquisitions have been made on behalf of one of Invesco’s separate account clients and Barwood Capital will act as the development manager on the scheme.
Rob Johnston, managing director – UK and Nordics investments at Invesco Real Estate, said: “Despite the occupational uncertainty of the past two years, the UK remains relatively undersupplied in terms of modern, institutional grade accommodation. The acquisition of standing units provides the opportunity to deliver an attractive spread in terms of yield-on-cost vs prime Midlands logistics yields with reduced development exposure.
