Fiera Real Estate UK and the Universities Superannuation Scheme (USS) have launched a new joint venture to develop prime small-to-mid-box industrial and logistics assets in key urban locations across the UK.

The joint venture will focus on delivering modern, sustainable multi-let industrial and logistics schemes that can benefit from strong structural demand across the UK industrial sector. The strategy targets assets typically up to around 250,000 sq ft per scheme, located in well-established urban employment areas with robust occupier demand.

The venture will prioritise brownfield and existing employment sites, with a clear emphasis on multi-let urban industrial and logistics developments rather than large-scale big-box warehouses. This approach is intended to capture enduring demand from a broad range of occupiers seeking high-quality, well-located space close to population centres.

The joint venture has an initial term of five years and is targeting individual acquisitions of up to approximately £50m. It is already under offer on two prime South East sites with a combined gross development value exceeding £100m.

The vehicle will be managed by Fiera Real Estate UK, with oversight provided by Chris Button, head of investment management for Europe at Fiera Real Estate. USS participates as the institutional capital partner, bringing deep sector expertise and an existing industrial portfolio of around £1.5bn.

The strategy aims to create a logistics portfolio with strong ESG credentials, targeting best-in-class sustainability features in response to increasing occupier and investor demand for high-quality, energy-efficient space. The joint venture is positioned to benefit from supply-demand imbalances in UK urban industrial markets, attractive pricing opportunities, and long-term trends such as digitalisation and the growth of e-commerce.

For investors, the joint venture seeks to combine favourable sector fundamentals with Fiera Real Estate’s development and origination capabilities to generate alpha through development and leasing activity. For occupiers, it aims to deliver contemporary, future-proofed industrial accommodation that supports supply-chain resilience, reduces operational carbon, and meets evolving business needs.