County pension fund in Logistics North JV

Described as a “flagship employment and distribution hub”, Logistics North is the largest live commercial development in the North West of England.

LCPF will fund 80 percent of the acquisition and the development with Harworth funding the remaining 20 per cent.

The second phase will deliver six new units – ranging from 19,000 sq. ft to 149,000 sq ft – during 2018, whilst the final unit of 131,000 sq ft will be constructed in the third phase. All units will be made available for leasehold occupation upon completion.

“This deal both crystallises our land value and provides further income-producing opportunities for the business, providing much-needed high quality industrial and logistics space in a region with a scarce existing supply.”

Richard Tomlinson, Investment Director – Real Estate and Infrastructure at Local Pensions Partnership, added: “LPP on behalf of Lancashire County Pension Fund is pleased to be working with Harworth on this exciting property development project to deliver best in class logistics facilities in its home region of the North West of England.

Councillor Cliff Morris, Leader of Bolton Council, welcomed the deal. He said: “The news that a deal has been finalised to secure even more development and investment at Logistics North is fantastic.

“I am confident that there will be other exciting announcements about Logistics North for many months to come.” Harworth Group is one of the largest land and property regeneration companies in the UK, owning and managing more than 22,000 acres across 150 sites in the North of England and the Midlands.