HBD adds more assets to Feldberg Capital JV

Henry Boot’s development arm will retain a £14m share of three projects with a combined GDV of £56m, including the 107,000 sq ft second phase of Aptus in Preston.

HBD’s ESG-led industrial and logistics joint venture with Feldberg Capital is called Origin, and was set up at the end of 2024, with three seed schemes transferred from the HBD pipeline. The Sheffield-headquartered property group is a 25% shareholder in the JV.

Construction on each of the next three developments to be delivered with Feldberg’s backing is scheduled to start by the end of this month. The buildings are located within:

• Spark, Walsall: A six-acre site with a £25m GDV, located between Junctions 9 and 10 of the M6. Detailed planning consent was secured in September 2025 for 101,000 sq ft across three units.
• Aptus, Preston: The second phase of the scheme near Junction 31a of the M6, previously held in JV with Barnfield Construction, was transferred to Origin in December 2025. The £22m GDV scheme totals 107,000 sq ft across three units.
• Ark, Markham Vale: A three-acre site adjacent to Junction 29A of the M1, with a £9m GDV. In October 2025, a resolution to grant planning permission was secured for a 54,000 sq ft unit.

Along with a development at Welwyn Garden City, earlier phases at Spark and Ark made up the initial triumvirate of Origin schemes, with 271,000 sq ft at the Walsall scheme and 107,000 sq ft at Markham Vale, near Chesterfield – a top-performing destination in the East Midlands/South Yorkshire M1-led market.

All three initial projects reached practical completion on time and budget, with deals already secured including a 17,000 sq ft letting to Capital Angling at Markham Vale.

Origin was established with the intention, subject to market conditions, to deliver around £1bn of sustainable I&L schemes across the UK over the medium term.

In January 2025, the JV secured a £54m development loan from BGO to fund the acquisition and development of the initial seed assets. This has since increased to £85m following the addition of further assets.

• BOOK NOW: North West Industrial & Logistics 2026

HBD acts as development manager, receiving fees for doing so, and Feldberg Capital acts as investment manager. Both parties have the potential to share a promote fee based on the JV’s internal rate of return, subject to certain hurdle rates. HBD has the right to co-invest in future projects on the same ownership split as the seed portfolio, whilst retaining the role of development manager.

Tim Roberts, chief executive of Henry Boot, said: “By combining HBD’s development pipeline and operational capabilities with Feldberg’s investment management expertise, the JV is accelerating the delivery of grade A industrial & logistics space across the UK. With the initial three assets already completed and leasing well this innovative partnership is creating value for our investors.

“We are also making good progress on executing the JV’s strategy, with the recent addition of new schemes to Origin replenishing our committed development programme.”

Real estate investment manager Feldberg Capital works out of London, Berlin and Frankfurt. David Turner, managing partner at the firm, said: “The addition of these new schemes to Origin underlines our confidence in the UK mid-box industrial and logistics sector, which continues to benefit from strong structural tailwinds.

“Occupier demand for well-located, energy-efficient units remains strong, and the market is still significantly undersupplied. These new projects give us real momentum as we continue to scale Origin and look for new opportunities across the UK.”