‘RP6’ represents a major milestone in AIPUT’s pathway to Net Zero Strategy and reflects the fund’s confidence in the resilience of long-term occupier demand for high-quality industrial space close to Heathrow Airport.
[London: 7 December 2023]: AIPUT (Airport Industrial Property Unit Trust) has today announced that the London Borough of Hounslow has granted planning permission for a new 67,000 sq ft GEA (Gross External Area) high-spec industrial warehouse building at its Radius Park industrial campus at Heathrow Airport.
The new ‘RP6’ warehouse will be a consolidation of two previous warehouse buildings at AIPUT’s 16-acre Radius Park campus. The building will be stripped back to the structural steel and floor slab to create a new high quality, sustainable and flexible single warehouse building that will also include Grade A first floor offices and benefit from a highly secure, fenced location.
The new warehouse has been designed to achieve EPC A+ energy sustainability performance, incorporating a range of environmental initiatives including roof-mounted photovoltaic panels and other Low and Zero Carbon technologies designed to minimise both embodied and operational carbon. Additionally, large areas of sustainably sourced timber cladding will be used on the new building. The finished warehouse is projected to achieve a minimum of BREEAM ‘Excellent’ and EPC ‘A+’ ratings. RP6 represents the latest step in the delivery of AIPUT’s Pathway to Net Zero strategy, which seeks to decarbonise the fund’s operations and its entire logistics real asset portfolio by 2040.
The site enjoys exceptional access to Heathrow Airport via the Perimeter Road at Hatton Cross (including key control posts such as the Heathrow Maintenance Base) and enjoys easy access to key highway routes including the M25, M4, A30 and A312.
Commenting on the Radius Park refurbishment, AIPUT Fund Manager, Nick Ireland, said: “We are delighted that the London Borough of Hounslow has supported our proposal for this significant investment in the enhancement of AIPUT’s Radius Park industrial campus.
“Our new building has been designed to incorporate a range of environmental standards supporting AIPUT’s ambition to decarbonise the fund’s real estate portfolio by 2040.”
Subject to the timing of final legal agreements, AIPUT hopes that the new RP6 warehouse will be ready for tenant occupation by Q4 2024. The fund’s existing customers at its Radius Park campus include ASC Cargo, Brinks, Customs Clearance Limited, ECMS Global and Gate Gourmet.
AIPUT was advised on the planning application by PRC Group and Northland, with JLL and Logix appointed as letting agents. Further details of RP6 can be found here.
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Notes to editors
- Airport Industrial Property Unit Trust (AIPUT), managed by Tritax, is a long-term investor specialising in industrial logistics property at and within major UK airport gateway ecosystems. AIPUT is the only specialist airport-focused industrial fund in the UK for expert institutional investors, with an expected duration until 2036. AIPUT aims to deliver a positive ESG (Environmental, Social and Governance) performance by ensuring that it undertakes responsible investment activity throughout its portfolio.
- The fund, which marked its 18-year anniversary in March 2023, manages a prime portfolio of properties providing high-quality and customised warehousing, logistics space and services:
- £700 million assets under management (@ March 2023)
- 21 assets, amounting to over 2.4million sq ft, spread over 190 acres
- 2.0m sq ft of assets are located at West London/Heathrow, making AIPUT one of the largest landlords in the area, serving the evolving needs of local businesses and increasingly the 7 million people that live and work in the area
- 75% of the portfolio’s assets are located within Greater London, with 25% elsewhere in the south east
- Assets at four of London’s major international airports: Heathrow (89%), Gatwick (6%), Luton (4%) and Stansted (1%)
- Clients and investors – pension funds and expert institutional investors
- More information can be found at AIPUT’s dedicated website: www.aiput.co.uk
About Tritax Management LLP
- Tritax is an asset manager investing in critical supply chain real assets aligned with the structural trends that are shaping the future economy, including digitisation, automation, urbanisation and green energy.
- Combined, our two publicly listed FTSE-250 funds (Tritax Big Box REIT plc and Tritax EuroBox plc) and a growing suite of private market products, own and manage more than 50 million sq ft of modern, flexible and well-located real assets. These help businesses succeed in a dynamic economy by enabling sustainable and resilient supply chains and offer investors access to a wide range of some of the most attractive opportunities in this fast-growing sector.
- We collaborate with our stakeholders to deliver a cleaner, healthier and more equitable society because we believe this will drive superior returns over the long term. Our specialist focus and 25+ year track record enable us to identify the best investment opportunities, while our entrepreneurial spirit and strong governance enable us to move fast and confidently act on them.
- Tritax is backed by global asset manager abrdn.