Henry Boot and Feldberg Capital expand Origin JV

Henry Boot, through its property arm HBD, has expanded its Origin joint venture with Feldberg Capital by adding three new industrial and logistics (I&L) projects. 

Origin - HBD

These projects total 5,760 m2 and are valued at £56 mln (€65.8 mln), with Henry Boot's share amounting to £14 mln (€16.4 mln). These projects, aiming for high environmental standards like BREEAM 'Excellent' and EPC 'A' ratings, are expected to begin construction by January 2026 and be completed by mid-2026.
The new additions include Spark in Walsall, a 9,383 m2 development across three units on a six-acre site, valued at £25 mln (€29.4 mln), with planning approved in September 2025. Aptus in Preston is the second phase of a scheme, now part of Origin, featuring 9,940 m2 in three units with a £22 mln (€25.8 mln) value. Finally, Ark in Markham Vale is a 5,017 m2 unit on a three-acre site, valued at £9 mln (€10.5 mln), with planning permission secured in October 2025.
The Origin JV, launched in December 2024, initially included three projects (Spark Walsall, Ark Markham Vale, and Inter Welwyn Garden City) with a combined value of £100 mln (€117.5 mln) (Henry Boot's share: €29.4 mln). Lettings have already been secured for units at Markham Vale and Welwyn Garden City.
The joint venture aims to develop approximately £1 bn (€1.17 bn) of high-quality I&L schemes across the UK. HBD holds a 25% stake, while Feldberg Capital holds 75%. A development loan from BGO for the JV has increased from £54 mln (€63.5 mln) to £85 mln (€99.9 mln) to support the new acquisitions. HBD manages the development, and Feldberg Capital manages the investment, with both potentially sharing a promote fee based on performance. HBD also has the option to co-invest in future projects on the same ownership split as the seed portfolio and continue as development manager.
Tim Roberts, CEO at Henry Boot, commented: “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.”
David Turner, managing partner at Feldberg Capital, 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.”