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Contract Wins and Joint Ventures

Harworth enters into JV at Logistics North

04 May 2017 07:51

Brownfield regeneration and property investment specialist Harworth has entered into a joint venture with Lancashire County Pension Fund to develop the next phase of the group's Logistics North site, the largest live commercial development in the North West of England. Harworth said the joint venture, known as Multiply Logistics North Limited Partnership, was expected to deliver ten commercial units totalling approximately 564,000 sq. ft., across 31.2 acres.

A statement said: "The transaction will unlock a development profit for Harworth as well as realising the land value.

"The land will be sold to, and then developed by, Multiply Logistics North. LCPF will fund 80% of the acquisition and development costs, with Harworth funding the remaining 20%.

"The parties will take corresponding interests in Multiply Logistics North.

"Harworth will also manage the development and assets for the joint venture in return for separate development management and asset management fees."

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