GIC, Chancerygate Said to Buy 17-Asset UK Industrial Portfolio From L&G

Singapore sovereign giant GIC has teamed up with London-based developer Chancerygate to acquire a portfolio of 17 UK industrial assets from Legal & General Investment Management for an undisclosed price.

The Gigha portfolio spans 626,000 square feet (58,157 square metres) of space across 78 units, according to local media reports. Occupancy is 90 percent across the portfolio, which consists of multi-let industrial properties in areas including Hounslow, Park Royal, Welwyn Garden City, Northampton, Tonbridge and Totton.

“MLI continues to be recognised as an asset class providing the potential for a diversified income stream with significant opportunities to add value, through capture of inherent reversion, lease-up of vacant space and refurbishment to improve ESG credentials,” Chancerygate head of investment Simon Cowley told local media outlets.

The $800 billion Singaporean fund’s UK play comes as investment in industrial and logistics properties in Britain amounted to £3.2 billion ($4.3 billion) in the first half of 2025, up 27 percent from the year-earlier period, JLL said in a report.

$161M Splash

No transaction price was announced, but local media outlets including Bisnow and Green Street News put the deal value at £120 million ($161.3 million). GIC declined to comment on the deal when contacted by Mingtiandi, and a representative for Chancerygate said the firm doesn’t comment on “market speculation”.

GIC previously invested in UK industrial through a $1 billion joint venture with Kennedy Wilson to acquire and manage urban logistics assets and the £425 million acquisition of a logistics portfolio from Northwood Investors.

Chancerygate manages assets for both its own balance sheet and third-party partners like fund managers, local authorities and family offices. The firm’s portfolio comprises 79 properties valued at over £400 million, generating more than £21 million in rental income.

“Acquiring the Gigha portfolio represents a further step forward for the investment side of our business and significantly increases our assets under management,” Cowley said. “We continue to actively look for other investment opportunities as we prioritise capitalising on MLI’s growing prominence within UK commercial real estate.”

Singaporeans Seek Sheds

GIC’s latest bet on UK industrial comes as another Singapore state-backed investor this month completed its purchase of a pair of logistics sites in England’s East Midlands area.

CapitaLand Ascendas REIT, managed by Temasek-controlled CapitaLand Investment, picked up the sites in Manton Wood and Towcester from express titan DHL for development of up to 1.46 million square feet of warehouses.

The buy expanded CLAR’s footprint in the East Midlands logistics hub, which encompasses Derby, Leicester, Nottingham and Northampton, with traffic arteries like the M1, A1 and A5 connecting the region to points north and south. The nearby East Midlands Airport ranks as the UK’s second-largest cargo airport and serves DHL, UPS and FedEx, as well as the Royal Mail.