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Railway pension fund RPMI Railpen, has bought a 5.85 acres plot in Waltham Cross, London to speculatively develop a new, Grade A, warehouse and logistics scheme with development partner Wrenbridge.

Alastair Dawson, senior asset manager at RPMI Railpen, said: “The purchase of this Waltham Cross site reflects our appetite and ability to commit to large scale speculative developments. This is a great addition to our industrial portfolio, which will increase our development exposure, while also contributing to our overall fund growth target.”

Jeff Wilson, director at Wrenbridge, said: “This is a strategic site which we anticipate will have exciting occupational demand. CBRE, Avison Young and Montagu Evans are being retained as our agents.”

The site benefits from close proximity to major roadways including the M25, A10 and M11, and is immediately adjacent to a railway link with regular 27 minute services to London Liverpool Street.

The purchase sees Waltham Cross join a wide range of real estate assets owned and managed by RPMI Railpen, the investment manager for the £30bn railways pension scheme.

Montagu Evans and CBRE represented RPMI Railpen in the purchase.