UK local government pension scheme Merseyside Pension Fund (MPF) has provided a £47.47m (€56.8m) development loan for a logistics project in the North of England being developed by Panattoni.
Advised by CBRE, MPF is providing the financing for the Panattoni Wakefield 500 scheme in West Yorkshire, which is held within Panattoni’s Newport Logistics Fund III.
Currently under construction at Wakefield Europort, the 500,000sqft, grade-A speculative development is scheduled for practical completion in May 2027.
The deal marks MPF’s second loan to a Panattoni-backed entity alongside CBRE, following a facility supporting the Haydock 66 development in Merseyside in 2025.
Andrew Antoniades, head of lending at CBRE, said: “This transaction demonstrates continued appetite from our institutional capital partners for high-quality developments in established locations.
“Wakefield 500’s scale and strategic position made it an attractive opportunity, and the financing will support the delivery of one of the North of England’s most significant logistics developments.”
Adil Manzoor, head of private markets at MPF, said: “At MPF through our Catalyst Fund we are committed to investing in opportunities that generate long term value for our members whilst supporting growth and regeneration across the local region.
“Wakefield 500 represents a high quality development in a strategically important logistics location and its strong sustainability credentials further enhance its appeal. We are delighted to support a project that will contribute to economic activity, job creation and modern infrastructure in our local region.”
Oliver Choppin, finance director at Panattoni, said: “Securing development funding from MPF, working with CBRE, is a significant step forward in delivering Panattoni Wakefield 500.
“Speculative development at this scale requires considerable investment, and MPF’s decision to fund a second Panattoni scheme, following Haydock 66, demonstrates institutional confidence in our delivery track record and the continued demand for grade-A logistics space in undersupplied locations.”
To read the latest IPE Real Assets magazine click here.
