Sheffield-based property investment and construction group Henry Boot plc said on Tuesday its property development business HBD and Barings have acquired a 20-acre industrial development site in Rainham, London in a joint venture partnership.

HBD is a 20% partner, whilst Barings owns an 80% stake in the project.

“The circa £100m GDV redevelopment project has outline planning for employment use, where the JV plans to develop out approximately 368, 000 sq. ft.” said Henry Boot.

“The site also benefits from excellent transport links via the A13, which provides access into central London and the M25.

“The redevelopment will provide new high specification, sustainable industrial & logistics units and will include enhancements to the River Thames waterfront and cycle path.

“HBD is due to begin work on site next year, with a target completion date of 2023.

“This acquisition, alongside the group’s purchase of a 3-acre industrial site at Welwyn Garden City, is the latest in a series of purchases, as HBD continues to focus on building its £1.4bn development pipeline across the UK.”

HBD managing director Ed Hutchinson said: “We are very pleased to be able to bring HBD’s extensive expertise within the industrial and logistics sector to this strategic partnership, and we look forward to co-investing alongside Barings to bring this new project forward.”