CBRE Investment Management (“CBRE IM”) and Chancerygate have formed a joint venture partnership to develop urban logistics schemes on behalf of an investment fund sponsored by CBRE IM.
The joint venture has secured its first development sites representing more than 450,000 sq ft. The joint venture will deliver modern urban logistics assets to high sustainability and operational standards and target BREEAM Excellent certification or better.
Toby Creamer, Portfolio Manager at CBRE IM, said: “This was an exciting opportunity to partner with Chancerygate, which has a reputation for developing high-specification industrial assets with excellent ESG credentials. The secured schemes will meet strong occupier demand in their respective markets where supply remains constrained. We believe that industrial and logistics assets will outperform the wider property market over the next five to ten years and we look forward to working with Chancerygate to bring these new high-specification logistics assets to the market.”
Richard Bains, Managing Director at Chancerygate, said: “Our partnership with CBRE IM will boost our UK expansion strategy and deliver for them a nationwide portfolio of high-quality assets. CBRE IM is a highly respected investment firm and being able to partner with them is a reflection of Chancerygate’s capability and ambition.
“Having access to a substantial amount of capital will allow us to act quickly and decisively to secure the best strategically located urban logistics sites. We have a number of sites under offer which we are very excited to report further on in due course.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.
The company currently has around 2.65m sq ft of urban logistics space under construction or ready for development across 19 sites ranging from Edinburgh to Chichester. Chancerygate offers units to occupiers on both a freehold and leasehold basis.
The company also manages in excess of £385m of assets across more than five million sq ft of commercial space in over 480 units.
Chancerygate has offices in London, Warrington, Birmingham, Bristol and Milton Keynes. For more information visit www.chancerygate.com.