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16/12/2024
Henry Boot and Feldberg Capital Launch £1bn UK Industrial And Logistics Platform
Henry Boot has announced the formation of Origin, a new UK-focused industrial and logistics (I&L) platform created in partnership with Feldberg Capital, a specialist in scaling sustainability-driven real estate ventures in high-growth sectors. Origin will focus on developing next-generation, ESG-compliant I&L assets across the country.
The platform is well-capitalised at launch and will primarily target the mid-box I&L market, with an initial portfolio seeded by three sites from Henry Boot Developments’ (HBD) pipeline. These sites represent a combined gross development value (GDV) of approximately £100 million, with HBD retaining a £25 million share.
Under the joint venture, HBD holds a 25% stake, while Feldberg controls 75%. HBD will act as the development manager, earning fees for its role, while Feldberg will serve as the investment manager. Both parties will have the opportunity to share in promote fees tied to the JV’s internal rate of return, contingent on meeting certain hurdle rates.
Seed Projects to Deliver 450,000 sq ft of Prime Space
The initial developments in the Origin portfolio include three key sites, collectively capable of delivering approximately 450,000 sq ft of prime industrial and logistics space:
• Spark, Walsall (Phase One): A 13-acre site with a GDV of £53 million. The development, located near the M6, has full planning consent for two units totalling 270,000 sq ft.
• Inter, Welwyn Garden City: A three-acre site with a GDV of £27 million. Situated on Tewin Road near Junction 4 of the A1(M), it has detailed planning consent for a 71,000 sq ft scheme.
• Ark, Markham Vale (Phase Two): A nine-acre site with a GDV of £19 million. This phase of HBD's flagship 200-acre development has planning consent for four units totalling 107,000 sq ft.
Construction on all three projects is scheduled to begin in the first half of 2025, with delivery expected from the second half of the same year. All developments aim to achieve leading environmental standards, targeting BREEAM ‘Excellent’ and EPC ‘A’ ratings.
Looking ahead, Origin will leverage HBD's existing development pipeline and acquire third-party sites for speculative and pre-let projects. Development finance will be sourced externally for each project, with the JV planning to deliver around £1 billion of high-quality I&L schemes across the UK over the next seven years, subject to market conditions.
HBD retains the right to co-invest in future projects with the same 25:75 ownership split while continuing to serve as development manager.
The platform is well-capitalised at launch and will primarily target the mid-box I&L market, with an initial portfolio seeded by three sites from Henry Boot Developments’ (HBD) pipeline. These sites represent a combined gross development value (GDV) of approximately £100 million, with HBD retaining a £25 million share.
Under the joint venture, HBD holds a 25% stake, while Feldberg controls 75%. HBD will act as the development manager, earning fees for its role, while Feldberg will serve as the investment manager. Both parties will have the opportunity to share in promote fees tied to the JV’s internal rate of return, contingent on meeting certain hurdle rates.
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Seed Projects to Deliver 450,000 sq ft of Prime Space
The initial developments in the Origin portfolio include three key sites, collectively capable of delivering approximately 450,000 sq ft of prime industrial and logistics space:
• Spark, Walsall (Phase One): A 13-acre site with a GDV of £53 million. The development, located near the M6, has full planning consent for two units totalling 270,000 sq ft.
• Inter, Welwyn Garden City: A three-acre site with a GDV of £27 million. Situated on Tewin Road near Junction 4 of the A1(M), it has detailed planning consent for a 71,000 sq ft scheme.
• Ark, Markham Vale (Phase Two): A nine-acre site with a GDV of £19 million. This phase of HBD's flagship 200-acre development has planning consent for four units totalling 107,000 sq ft.
Construction on all three projects is scheduled to begin in the first half of 2025, with delivery expected from the second half of the same year. All developments aim to achieve leading environmental standards, targeting BREEAM ‘Excellent’ and EPC ‘A’ ratings.
Looking ahead, Origin will leverage HBD's existing development pipeline and acquire third-party sites for speculative and pre-let projects. Development finance will be sourced externally for each project, with the JV planning to deliver around £1 billion of high-quality I&L schemes across the UK over the next seven years, subject to market conditions.
HBD retains the right to co-invest in future projects with the same 25:75 ownership split while continuing to serve as development manager.
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