Nuveen Real Estate is forward funding a new 121,230sqft industrial/hi-tech scheme in southeast England being developed by Marshgate Group.
Nuveen has agreed to fund the development of the Eos scheme in Braintree, Essex. Eos forms part of the Horizon 120 Business Park being developed by Marshgate.
The building contract has been awarded to Readie Construction, and construction has commenced with practical completion due in April 2023.
James Ellis, director of Nuveen Real Estate, said: “The EOS development displays some of our key investment fundamentals for our logistics strategies. With a best-in-class, highly sustainable ESG-driven build specification, the asset will cater to the strong demand from occupational markets, in a location with very restricted supply.
“The UK is a key focus market for our strategies and it’s a pleasure to be working with Marshgate Group on this exciting new scheme.“
David Warburton, managing director of Marshgate Group, said: “We are delighted with the progress made at Horizon 120 over the last 2 years. The early infrastructure investment which created arguably the largest strategic business park in North Essex, is now reaping rewards.
“Securing speculative development funding from Nuveen & CBREIM for the construction of two new multi-let estates totalling c.280,000 sq ft, as well as the recent CareCo, British Off Site and Essex Xray occupier deals, are testimony to the success of this major development project so far.”
Knight Frank and Coke Gearing acted for Marshgate Group and TTG acted for Nuveen.
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