A fund managed by JP Morgan Asset Management has partnered with leading commercial property developer, Graftongate, to acquire an 8.5-acre development site in Reading.

The JV partners have completed the off-market purchase of Reading International Logistics Park, a gateway site next to Jct 11 of the M4 motorway, for an undisclosed sum.

The site has detailed planning consent for the development of a c.160,000 sq ft last-mile urban logistics scheme, comprising four new prime warehouse units ranging from 24,150 – 65,787 sq ft.

JP Morgan and Graftongate intend to build out the scheme imminently, and are planning further acquisitions with a target assets under management value of c.£500 million.

Alex Thomason, director at Graftongate, said: “We are pleased to have secured the strategic acquisition of Reading International Logistics Park with JP Morgan. The site provides an excellent opportunity to develop a last mile logistics scheme in a densely populated urban area in the Thames Valley.

“We intend to target core markets for speculative development, with a focus on key conurbations and strategic locations where there is an acute lack of supply.”

Reading International Logistics Park lies in a well established business location adjacent to the east-west motorway corridor, and provides road access to the M4, M25, M40, M3 and M5. The locality is home to high-calibre businesses and distribution occupiers including Tesco, DPD, DHL, Yodel, Argos, and 3663.

Graftongate and JP Morgan were represented by DTRE, with Haslams acting for the vendor.