Fiera Real Estate and Wrenbridge have secured a £17.5 mln (€20.7 mln) loan from Alpha Property Lending to part fund their new logistics facility, in Hayes, UK.
The two partners received approval last December to build four modern warehouse units, each ranging in size from 1,393 m2 to 2,230 m2.
Construction on the 7,803 m2 facility is set to begin shortly, with MCS Build leading the project. The units are expected to be completed by the second quarter of 2025.
Boxyard will be built to high environmental standards, aiming for a BREEAM Outstanding rating and an EPC A+ rating.
Will Jarman, associate director at Wrenbridge, said: ‘Boxyard is commencing on site. We are delighted to have agreed this facility with Alpha and look forward to delivering the best space in Hayes.’
Chris Button, head of Investment Management at Fiera, commented: ‘We are delighted to bring forward this ESG exemplar logistics scheme which marks our third deal with Alpha in quick succession.’
Mert Zabci, head of Commercial Lending at Alpha, added: ‘It is great to be able to support Fiera with a third industrial development scheme within 18 months, and the second with their partner, Wrenbridge. As our first scheme at Bishops Stortford has now reached Practical Completion, with over 95% pre-lets to strong tenants, we look forward to the success of the Hayes scheme in a similar manner.’
The land for this project was bought using funds from the Fiera Real Estate Logistics Development Fund (FRELD). FRELD has now acquired ten properties since its creation and has additional money to invest in similar urban logistics sites in the UK.
This is the third industrial development financing deal between Fiera and Alpha, totaling £122 mln (€144 mln) in project value.
The Boxyard project in Hayes follows a similar deal from last year, where Fiera and Wrenbridge received a £9.4 mln (€11.1 mln) loan to help fund the construction of Swindon Trade Park.
Fiera and Wrenbridge were advised by Brotherton and Forsters, while Alpha was advised by Osborne Clarke.
