Osborne Clarke advises Fiera Real Estate on UK industrial development joint venture with USS

International legal practice Osborne Clarke has advised Fiera Real Estate UK Limited ("Fiera Real Estate")  on a new joint venture with the Universities Superannuation Scheme  ("USS"), to develop prime small-to-mid-box industrial properties in key urban locations across the UK.

Fiera Real Estate, the European real estate arm of Fiera Capital Corporation, and USS, one of the UK's largest private pension schemes, are joining forces to focus on core urban sites with best-in-class sustainability credentials. The investment vehicle will target brownfield and established employment sites to deliver new multi-let urban industrial schemes of up to 250,000 sq ft.

With an initial term of five years and targeting individual acquisitions of up to £50 million, the joint venture has already completed on two prime sites in the South East of England, with a combined gross development value of over £110 million.

"This transaction highlights the continued depth of investor appetite for best-in-class UK logistics assets with strong ESG credentials. This deal brings together two highly respected and forward-thinking market participants at a time of continued strong demand for high quality, sustainable industrial space."

Tim Simmonds, Partner, Osborne Clarke

The Osborne Clarke team advising Fiera Real Estate was led by Partner Tim Simmonds and supported by Associate Director Oliver Darvill.

Osborne Clarke is a recognised industry leader in real estate providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.