Last Mile Logistics Strategy Expanded

PineBridge Benson Elliot, a UK-based pan-European real estate fund manager, and their JV Partner, Evo Industrial, have acquired two further sites, under their strategy, with Evo Industrial to deliver last mile logistics in and around London and key regional markets in the UK. The two sites are a 4-acre site in Woodford, East London and a 2.2-acre site in Enfield, North London

The Woodford site, acquired off-market, is well located to operate as a multi-let last mile logistics facility, given the area’s connectivity to central London, and the north east sector of the M25, with immediate access to the M11 and North Circular. The site is currently vacant with existing planning consent for industrial use; with new proposals set to be brought forward to construct 6 units across ranging from 8,220-sf to 26,430 sq. ft.

The Enfield site is equally well-positioned within an established logistics and distribution location in North London. The site is within minutes of the M25, A10 and North Circular, providing easy connections into Central London and the surrounding area. The plan is to develop a 72,000 sq. ft. warehouse unit. As with all Evo Industrial schemes, both sites will target BREEAM Excellent and be net zero carbon (regulated, in operation).

The Evo Industrial platform is a multi-let urban logistics aggregation strategy targeting a 1m+ sq ft portfolio in partnership with seasoned industrial development managers Evo Industrial (“Evo”), led by Don Bailey and Adam Courtenay. Evo will provide day-to-day project and asset management for the project. The Woodford acquisition follows the purchase of an eight-acre prime last mile logistics site in Leyton, East London, in March 2022.

George MacKinnon (pictured), Managing Director at PineBridge Benson Elliot, said, “Robust enquiry levels for well-located, environmentally sustainable and operationally sound logistics assets combined with a dwindling number of sites in Central London continues to underpin the strategy with Evo. We believe both the Woodford and Enfield sites are well placed to deliver best in class buildings which will appeal to a variety of occupiers with modern, well specified space.”

Adam Courtenay, Co-Founder of Evo Industrial said “These new acquisitions demonstrate our ability to identify, analyse and secure opportunities to grow the JV with PineBridge Benson Elliot and, as a team, to transact swiftly and effectively on both on market and off market opportunities. Along with our other schemes at Poyle, Erith, Warrington and Corby, these represent a material and positive addition to the track record of Evo and PineBridge Benson Elliot in this sector.”

PineBridge Benson Elliot is a pan-European real estate private equity specialist with two decades of investment experience, deep market knowledge and in-house operational expertise. As of 31 December 2021, PineBridge Benson Elliot manages US$ 3.1 billion in AUM. Founded in 2005 as Benson Elliot Capital Management, the firm was acquired in December 2020 by PineBridge Investments, a private, global asset manager focused on active, high-conviction investing. As of 31 December 2022, the firm managed US$143.1 billion across global asset classes for sophisticated investors around the world.