The global real estate investment manager intends to buy the site from Caddick Group and fund the development for its recently launched €290m (approximately £248m) develop-to-core UK logistics venture with Allianz.
The 512,000 sq ft facility — which is now named Wakefield 515 — will be delivered by the main contractor, Caddick Construction.
"As a group, our focus is on structurally supported asset classes, such as build-to-rent and industrial/logistics, where we see long-term growth potential,” said Myles Hartley, managing director at Caddick Developments.
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“Wakefield 515, which follows on from our successful Crosspoint 33 development, will be a landmark scheme in terms of size and scale and we are keen to start on site, creating hundreds of jobs locally, both during and after construction.”
Nick Winsley, managing director and head of investments at AEW UK Investment Management, added: “This acquisition is an excellent opportunity for AEW.
“The UK logistics sector is demonstrating historically strong take-up, occupancy levels and rental growth with very little new Grade-A supply in the Yorkshire market for larger warehouses.”