Fiera Real Estate and Wrenbridge complete first exit from logistics pipeline with £77m AIR Heathrow sale

Fiera Real Estate UK Limited (“Fiera”), the European real estate arm of Fiera Capital Corporation (TSX: FSZ), and Wrenbridge, the leading UK logistics developer, have completed the sale of AIR Heathrow to Tritax London Logistics Fund for £77 million (US$104.2 million). The scheme was funded through the Fiera Real Estate Logistics Development Fund (“FRELD”).

AIR Heathrow represents the first disposal from the FRELD pipeline. The transaction underlines the strength of the Fiera and Wrenbridge partnership, with Fiera having delivered 13.75 million sq ft in the UK over the past five years and Wrenbridge's portfolio extending to 30 logistics schemes and £2 billion of gross development value.

AIR Heathrow itself is a 16.6-acre, 162,000 sq ft Grade A logistics scheme south of Heathrow Airport, comprising four units let to occupiers including global freight forwarder AIT Worldwide Logistics. First acquired in two parcels, with planning secured in December 2024 and Magrock appointed as contractor, the EPC A+ and BREEAM Excellent development also delivered PV panels, EV charging, extensive landscaping and a new central lake.

The sale to Tritax London Logistics Fund, a specialist investor in industrial and logistics assets in Greater London, is a clear endorsement of AIR Heathrow's quality and specification. It also reflects the continued confidence of institutional investors in well-located, sustainable logistics assets.

Building on that same FRELD track record, Fiera has since launched a further UK logistics strategy in partnership with a major institutional investor earlier this year.

Chris Button, Head of Investment Management at Fiera Real Estate, commented: “The sale of AIR Heathrow represents a major milestone for the Fiera Real Estate Logistics Development Fund, marking the first successful exit from the portfolio and demonstrating the value that can be created through our Industrial development strategy. AIR Heathrow represents the characteristics we seek in every investment: a prime location, best-in-class sustainability credentials, high-quality occupier demand, and strong execution by an exceptional development partner. The transaction is a testament to the strength of our long-standing relationship with Wrenbridge and highlights the continued appetite from institutional investors for well-located logistics assets that meet the evolving needs of occupiers. We are delighted to have delivered such a strong outcome for our investors and look forward to building on this success through the next phase of our logistics platform.”

Harry Gibson, Director at Wrenbridge, commented: “We are incredibly proud of what we have delivered at AIR Heathrow. From the outset, our ambition was to create one of the very best industrial and logistics schemes in the UK, combining an exceptional location with outstanding design, sustainability and specification. We are hugely grateful to Fiera Real Estate for backing our vision, funding the development and sharing our belief in the potential of the scheme from the outset.

Completing the development and securing a sale to Tritax is a fantastic result, particularly against the backdrop of a challenging investment and development market. It is a real endorsement of the quality of the scheme and the hard work of the entire project team. AIR Heathrow has been a brilliant project to be part of and one that I’m personally very proud of.”

 Nick Ireland, Fund Manager forTritax London Logistics Fund, commented: “This acquisition of a 162,000 sq ft new build mid box estate in the attractive Heathrow area aligns with our disciplined strategy to develop and acquire assets that can offer our investors exposure to Greater London’s most resilient industrial and logistics submarkets. This high quality asset benefits from the significant supply/demand imbalance within the M25 and offers strong rental growth potential.”