Letting of Plot F2/H at Multiply Logistics North and Triggering of One-Off Promote Fees
Harworth Group plc, a leading regenerator of land and property for sustainable development and investment, announces that it has completed the letting of Plot F2/H at Logistics North, which has planning permission for a 131,300 sq ft industrial unit and represents Phase 3 of the Company’s Multiply joint venture (“Multiply” or the “JV”).
In June, Harworth completed the letting of a 149,300 sq ft Grade A warehouse as part of Phase 2 of Multiply to the same occupier. Since commencement, Multiply has delivered over 430,000 sq ft of high-quality warehouse space across nine units and over six acres of development land. The JV was established in May 2017 between Harworth and the LPPI Real Estate Fund. As investment advisor, KFIM manages the direct assets of the LPPI Real Estate Fund.
This letting marks the conclusion of the Multiply scheme and will trigger additional one-off promote fees paid to Harworth by the JV in its role as development and asset manager. The additional promote fees, which remain subject to formal calculation and agreement, are expected to be in region of £7 million.
Elsewhere at Logistics North, Harworth completed the direct development of a 50,800 sq ft unit, LN50, in May. The unit was designed to allow it to be Net Zero Carbon in operation, and has now been let to a manufacturing occupier.
Lynda Shillaw, Chief Executive, Harworth Group plc, commented:
“This letting marks the conclusion of our highly successful Multiply joint venture at Logistics North. In just eight years Harworth has transformed Logistics North into a nationally significant industrial & logistics scheme through a combination of joint ventures, direct development, and plot sales. Harworth has an extensive 26.2 million sq ft pipeline of industrial & logistics developments, and we look forward to replicating this success across our other sites.”