Kier Property has sold its Trade City scheme in Luton to Abrdn's AIPUT Fund for £38.44 million.

The six acres of land was acquired by Kier Property from Downton in May 2019 and then developed into the120,000 sq ft Trade City scheme.

This was Kier Property's first industrial project in Luton and hosts successful occupiers including; Evolution Ceramics, Euro Taste Limited, Gopuff, Ether Worldwide, Grant and Stone and Dnata.


Leigh Thomas, Managing Director for Kier Property commented: "This sale demonstrates our ability to develop, add value and secure key occupiers in key locations. In February we announced our £400m industrial joint venture with PGIM Real Estate."

Kier Property currently has a £1.5bn pipeline and has developed more than six million sq ft in the industrial sector across 54 schemes in the UK. Each scheme is delivered to the highest institutional specification with a strong focus on sustainability, targeting a minimum EPC rating of A and BREEAM Excellent certification.

Kier Property were advised by Savills and Walker Morris LLP.