Latest News | 9 July 2024

New industrial and logistics powerhouse to drive forward major Derby site

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St. Modwen Logistics, the company behind the St. Modwen Park Derby industrial logistics park, has confirmed it has now officially integrated with another firm to create a new business called Indurent.

The logistics developer and manager has joined forces with specialist multi-let industrial property firm Industrials REIT.

The newly integrated business, which is owned by investment funds managed by Blackstone and led by chief executive Julian Carey, has a national portfolio comprising more than 27 million sq ft of industrial and logistics space.

This ranges from urban light industrial units and ‘last-mile’ delivery facilities to mid and big-box developments utilised for national distribution, production, or manufacturing.

Among that portfolio is St. Modwen Park Derby, which now changes its name to Indurent Park Derby.

Mr Carey, who heads a leadership team drawn from both businesses, said: “This is an incredibly exciting milestone which brings together a market-leading customer focused operating platform and proven development capability to create Indurent, a fully integrated industrial and logistics company that can support our customers at all stages of their lifecycle.”

The 67-acre Indurent Park Derby sits adjacent to the A52 and Pride Park.

It provides high quality logistics and production space through a combination of speculative and bespoke developments.

Phase One of the scheme is now complete, with Phase Two now underway.

As well as Rolls-Royce, it has attracted a flood of international investments from the likes of German heating technology firm Vaillant, Swedish medical equipment manufacturer Getinge and South Korean car company Kia.

To date, around £110 million has been invested in Indurent Park Derby.

Since acquiring St. Modwen and Industrials REIT in 2021 and 2023 respectively, Blackstone has invested well over £2 billion in the logistics businesses.

Mr Carey said: “An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need.

“With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.”

James Seppala, head of European real estate at Blackstone, said: “UK logistics is a high conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector.

“As the market continues to evolve and mature, Indurent’s outstanding team and best in class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.”

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