Barwood Capital has acquired the acreage through its Barwood 2017 Property fund with British Airways Pensions Trustees.
The site has outline planning permission for ten industrial units totaling 150,000 sq ft.
Speculative development is planned for early 2019 in partnership with development manager Equation Properties. Discussions are under way with potential occupiers.
British Airways Pension Trustees has also allocated funds to each of the last three Barwood Capital Funds. Most recently, it invested into Barwood Capital’s fourth fund, the Barwood Property 2017 Fund, which closed in March 2018 with the ability to invest around £150 million in UK regional property.
The Bedford deal marks the fourth 50:50 joint venture between the two parties, bringing the combined speculative industrial development to 700,000 sq ft.
Ed Henson, a director of Northampton-based Barwood Capital, said: “We are committed to speculatively developing industrial units in the UK’s regional property market in the right locations as we can see the opportunities for well-built logistics space, meeting tenant demand.
“We are proud that British Airways Pension Trustees continue to have confidence in us as managers and our ability to source great opportunities. Partnering our 2017 Fund across these four assets means that we are”
Simon Holley, of Equation Properties, added: “We can see this sector continuing to thrive due to the changes in retail, last-mile logistics and technology, hence our delight in the opportunity to bring forward this development.”
For Manton Lane, Bedford, Equation Properties are the development manager. Avison Young acted on behalf of Barwood Capital Limited and British Airways Pension Trustees Limited.