Harworth enters JV with Lancashire County Pension Fund

Shares in Harworth are up almost 2% after the brownfield regeneration and property investment specialist entered a joint venture with Lancashire County Pension Fund (LCPF).

The JV -- Multiply Logistics North Ltd Partnership -- was to develop the next phase of the group's Logistics North site, the largest live commercial development in northwest England.

It was expected to deliver 10 commercial units totalling about 564,000 sq ft, across 31.2 acres.

"The transaction will unlock a development profit for Harworth as well as realising the land value," it said in a statement.

The land would be sold to, and then developed by, Multiply Logistics North.

LCPF would fund 80% of the acquisition and development costs, with Harworth funding the remaining 20%.

"The parties will take corresponding interests in Multiply Logistics North," said Harworth, which would also manage the development and assets for the JV in return for separate development management and asset management fees.

At 13:38 BST, shares in Harworth were up 1.94% to 105p each.