PLP makes acquisition at PLP Gateway 45 Leeds
PLP exchanged contracts with the Aire Valley Land LLP (AVL), a joint venture between Harworth Group plc and Evans Property Group, for the sale of land at PLP Gateway 45 Leeds.
The site will be acquired by PLP’s flagship investment vehicle, the PLP UK Logistics Venture (UKLV) which is owned by majority investor Ivanhoé Cambridge alongside Peel Group, MIRA Real Estate and PLP management.
PLP will work with AVL to commence earthworks and site infrastructure alongside the submission of a reserved matters planning application to Leeds City Council for up to 855,000 sq ft of industrial and distribution units. Subject to planning, constructing the new units will start in summer 2020.
Jeremy Greenland, CEO at PLP, said: “We are very excited about this acquisition, which provides a clear opportunity for PLP to deliver high quality logistics space in a variety of configurations for occupiers. Beyond this and our other three recent acquisitions, we continue to look for prime logistics developments and assets in key markets.”
PLP has recently acquired sites in Sheffield, Crewe and Knowsley, taking the value of UKLV’s assets under management (AUM) to about £500m on a completed basis.
James Pitt, development director at Evans Property Group, said: “This is an excellent outcome for all concerned which will deliver a significant proportion of the jobs promised when the Enterprise Zone was initially created. AVL LLP’s focus now is to assist PLP to get on-site as quickly as possible so that thousands of new jobs can be delivered for the City Region to benefit from.”
Ian Ball, chief operating officer at Harworth Group plc, added: “This deal caps a superb first four months of 2019 for the Aire Valley Land Joint Venture with the agreed sale of 60 acres of employment land in three separate transactions to high-quality counterparties. PLP has an experienced team with a proven track record and I have no doubt that they will make a success of their development.”