The Universities Superannuation Scheme (USS), one of the United Kingdom’s largest pension schemes, and Fiera Real Estate UK have formed a joint venture to develop a strategic portfolio of industrial and logistics properties across urban locations in Britain.

The investment vehicle, backed by an initial commitment of around £500 million, will focus on delivering high-quality, sustainable small-to-mid-box industrial schemes that respond to strong occupier demand and evolving supply-chain needs.

Managed by Chris Button, head of investment management for Europe at Fiera Real Estate, the venture is targeting individual site acquisitions of up to £50 million with an initial five-year term.

It plans to prioritise brownfield and established employment sites to deliver multi-let industrial and logistics space of up to 250,000 square feet, designed to meet contemporary occupier requirements and high environmental, social and governance standards.

The joint venture has already placed two prime sites in South East England under offer, representing a combined gross development value of more than £100 million.

USS brings deep sector expertise and a significant existing industrial portfolio valued at around £1.5 billion, while Fiera Real Estate contributes its development experience and operating partner model, which has delivered millions of square feet of logistics and industrial space in recent years.

Both partners emphasise the strong structural tailwinds underpinning the UK industrial and logistics market, including supply-demand imbalances, the ongoing digitalisation of the economy and occupier preferences for sustainably located urban assets that enhance supply-chain resilience.

The venture aims to harness these dynamics to create a market-leading portfolio that supports long-term investor returns and meets the evolving needs of occupiers seeking modern, well-connected industrial accommodation.