Industrial Development Partners II, a specialist industry developer and asset manager administered by the io Group and LaSalle Investment Management, has acquired three new development sites for speculative development worth £29m (€50m).

These are the first acquisitions for the partnership launched in August to give institutional investors geographic spread exposure to the io Group's high-yielding multi-let industrial developments known as io-centres. The three sites are in Stratford, Northampton and Barking. IDP II aims to invest £80m in new schemes by the end of the year.