Fiera Real Estate and Wrenbridge have secured loans totalling £44.2 million to fund developments in Stevenage and West London.
The money from Investec will fund 273,000 sq ft of Grade A, mid-box, urban logistics space in the two locations.
In Stevenage, the joint venture is developing a 120,000 sq ft single-unit logistics scheme (pictured) at the established Pin Green Industrial Estate. It targets EPC A+ and BREEAM Outstanding.
The London scheme, known as Air Heathrow, is 2.5 km from Heathrow Airport and will comprise around 154,000 sq ft of logistics space across four units. It targets EPC A+ and BREEAM Excellent with net zero carbon construction.
Construction is already under way on both schemes, with completion on each targeted for Q4 2025. Magrock has been appointed as the main contractor for both projects.
The sites were acquired through the Fiera Real Estate Logistics Development Fund (FRELD).
Chris Button, head of investment management for Fiera, said: “We are delighted to bring forward these ESG exemplar logistics schemes.
“Investec’s deep understanding of our business and commitment to sustainability have been instrumental in facilitating this partnership.
“We appreciate the collaborative approach they have taken, which has allowed us to align our goals and deliver high-quality projects that meet the needs of the market.”
Mike Russell, originator for corporate real estate finance at Investec, said: “These initiatives not only address the growing demand for high-quality logistics space but also demonstrate our commitment to sustainability in the UK real estate sector. Together, we are contributing to a more environmentally responsible future.”
Will Jarman, director of Wrenbridge, said: “We are delighted to be working with Investec, Magrock and Fiera to deliver these projects, creating much-needed high-quality supply to the Heathrow market and A1(M) corridor.
“Investec’s support and understanding of our vision have been crucial in bringing these developments to life. Their expertise and collaborative spirit have made this partnership a great success, and we look forward to continuing this journey together.”
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