Fiera Real Estate and Harleyford Capital have secured a £25.5 million loan from the Vancouver-based QuadReal Property Group to fund a major logistics development in Watford.
The deal will support creation of 180,000 sq ft of Grade A logistics scheme known as Watford Works. It will comprise 13 flexible units ranging in size from 7,500 sq ft to 50,000 sq ft, aimed at a broad range of occupiers.
Thomas Mallindine, managing director for Harleyford, said: “Watford Works is already generating significant occupier interest, highlighting the project’s strong appeal.”
The project will target BREEAM Outstanding and EPC A+.
Dereck Richter, vice president of real estate debt for QuadReal, said: “This financing is directly aligned with QuadReal’s global investment strategy and core conviction in the logistics space.”
Watford Works is being delivered through the Fiera Real Estate Logistics Development Fund (FRELD), with MCS appointed as the main contractor.
Planning approval for the project was granted in March 2025, with completion targeted for Q4 2026.
The scheme is designed to provide space for businesses seeking to strengthen last-mile delivery networks and enhance operational efficiency.
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