Arrow Capital Partners and Cerberus Capital Management have acquired a 96,000sqft mid-box logistics scheme in the UK through a forward funding agreement with Caddick Developments.
Cerberus and Arrow Capital have invested an unspecified amount through their Strategic Industrial Real Estate (SIRE) platform to finalise the development agreement with Caddick for the delivery of Phase II at Farington Park in North West England.
The project marks the final phase of the 50-acre Farington Park site, following the completion of over 550,000sqft of industrial space in 2023.
Tom Park, associate director at Caddick Developments, said: “Securing funding for Phase II of Farington Park marks another significant milestone, and we’re delighted to be working with Arrow and Cerberus to progress the scheme at pace.
“The site’s excellent motorway connectivity, combined with high-quality sustainable design, reinforces our commitment to delivering industrial space that offers more than a traditional warehouse solution. Phase II brings much-needed mid-box accommodation to the market and will play an important role in supporting regional growth, employment and evolving funder and occupier demand.”
Cormac Dunne, head of real estate, Europe at Arrow Capital Partners, said: “We are delighted to add another high-quality UK asset to our SIRE portfolio. To date, the portfolio has delivered in excess of 6m sqft of sustainable, Grade A logistics space globally, and the team is seeking further development sites across the UK and Europe to build on that momentum.”
Launched in July 2019, SIRE is a joint venture between Arrow Capital and Cerberus created to build a €2bn portfolio of industrial and urban logistics assets across Europe.
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