This is the fourth joint venture between the private equity investor and its development partner. Both parties were represented by Colliers International in the transaction.

Located on the Elm Farm Industrial Site, near Bedford town centre, the space can accommodate unit sizes of up to 100,000 sq ft.

Paloma and Graftongate are now drawing up plans to redevelop the site into a mid-box scheme.

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“We look forward to furthering our relationship with Paloma Capital through our fourth JV development,” said Alex Thomason, director at Graftongate. “Together, we have gained a reputation for transforming underused, well connected sites, into first class industrial and logistics locations.”

Previously the companies worked together on Banbury 200, Exeter Trade Park in Marsh Barton and Urban Logistics Park in Tottenham.

Of the latest land acquisition, Charles Lunnon - director at Paloma Capital - said: “This well located site offers an excellent opportunity to provide a range of unit sizes to suit both local and national occupiers.

“We look forward to working with Graftongate to deliver an excellent product to meet the occupational demand in this location.”