Urban warehouse scheme for Reading
A newly launched last mile joint venture between US investor JP Morgan and UK developer Graftongate has secured a site for a 160,000 ft2 last mile urban development in Reading in the Thames Valley.
By Liza Helps, Property Editor, Logistics Matters
THE READING International Logistics Park site totalling 8.5 acres was acquired off market with detailed planning in place for four new units ranging between 24,150 and 65,787 ft2. It is known as a gateway site located next to Junction 11 of the M4 motorway.
JP Morgan and Graftongate intend to build out the scheme imminently and are planning further acquisitions with a target assets under management value of c.£500 million.
Graftongate director Alex Thomason, said: “The site provides an excellent opportunity to develop a last mile logistics scheme in a densely populated urban area in the Thames Valley.
The JV will gorw its portfolio through speculative development with Thomason adding: “We intend to target core markets for speculative development, with a focus on key conurbations and strategic locations where there is an acute lack of supply.”
Graftongate and JP Morgan were represented by DTRE, with Haslams acting for the vendor.
