Fiera's Heathrow exit proves the recycling loop

Fiera Real Estate UK and Wrenbridge have sold AIR Heathrow to Tritax London Logistics Fund for £77 million ($104.2 million), the first disposal out of the Fiera Real Estate Logistics Development Fund (FRELD) since the vehicle began building. The asset is a four-unit, 162,000-square-foot Grade A scheme on 16.6 acres south of Heathrow, assembled from two parcels and leased to occupiers including freight forwarder AIT Worldwide Logistics.

The per-square-foot price is the number the next London industrial trade will be marked against: about £475, earned on a scheme carrying an EPC A+ rating, BREEAM Excellent certification, rooftop photovoltaics, EV charging, extensive landscaping and a new central lake. IREI reads Tritax's willingness to pay it as a sign that institutional capital still underwrites well-located, sustainable logistics, and the buyer is a fund whose stated specialty is industrial and logistics assets in Greater London, the narrowest possible confirmation of that view.

Planning was secured in December 2024 and Magrock appointed contractor, which puts consent-to-disposal at roughly 21 months and suggests the scheme was built and let on spec rather than pre-let. Fiera and Wrenbridge can run that trade at size, with Fiera's stated UK delivery over the past five years at 13.75 million square feet and Wrenbridge's book extending to 30 logistics schemes and £2 billion ($2.33 billion) of gross development value.

Against that output, a 162,000 square foot exit is a small asset doing a large job. The first sale from a development fund is the moment the vehicle shows it can turn construction spend back into cash for its investors, and that demonstration, not the margin on one Heathrow estate, is what a sponsor carries into the next fundraise. A second FRELD exit inside the next year, priced anywhere near £475 a square foot, would turn this from a one-off into a cadence.