RLAM and Scannell plan £135m Kent logistics development

Royal London Asset Management Property and logistics developer Scannell Properties have bought a 33-acre site for a £135m GDV industrial and logistics scheme in Kent. The proposed scheme, in Tunbridge Wells, will deliver more than 500,000 sq ft of industrial and logistics space. The development is targeting BREEAM Outstanding and EPC A-plus ratings. Scannell will manage the leasing process on behalf of RLAM. RLAM said the purchase aligned with its strategy to find “investible opportunities in an undersupplied local market for positive returns”. Daniel Shepherd, investment manager at RLAM Property, said: “This acquisition marks a significant milestone in our strategy to expand in the logistics sector and demonstrates Royal London Asset Management Property’s commitment to providing high-quality logistics developments in strategic locations. “We look forward to working with Scannell Properties on the scheme’s progression and delivering much-needed industrial facilities and offices in the South East.” Geoffrey Pizzanelli, head of capital deployment for Europe and the UK at Scannell Properties, said: “After identifying and securing this opportunity, we have worked closely with the local authority to design the optimal concept, including a change of use for the site from offices to an industrial and logistics scheme. “The park and its units will offer modern, flexible space with excellent sustainability credentials, aligned to the rapidly evolving needs of occupiers operating in the UK.” Last month, the company finalised a round of transactions in the industrial and logistics sector worth more than £350m, including the sale of a 33.6-acre industrial estate in Southall, west London, and the acquisition of a 4.16-acre site in Havant, Hampshire. JLL advised Royal London Asset Management Property and Scannell Properties on the transaction. Image © Scannell Properties