September 17, 2024
Fiera Real Estate UK Limited (“Fiera”) and Wrenbridge are pleased to announce they have agreed a £17.5m development facility with Alpha Property Lending (“Alpha”) to part fund the construction of their prime 84,000 sq ft logistics scheme, Boxyard located in Hayes.
Fiera and Wrenbridge secured planning in December last year for four high-spec units ranging from 15,000 sq ft to 24,000 sq ft. MCS Build has been appointed as the main contractor, with construction works due to start imminently and completion targeted for Q2 2025.
The scheme will be targeting BREEAM Outstanding and an EPC A+ rating. The site was purchased through the Fiera Real Estate Logistics Development Fund (“FRELD”), which has now acquired ten sites since inception and has further funds to deploy into similar small and mid-box urban UK logistics sites.
This financing deal is the third industrial development financing between Fiera and Alpha and brings the total GDV for the three schemes to £122m. Boxyard, Hayes follows the agreement late last year of a £9.4m development loan to part fund construction works at Swindon Trade Park.
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, commented “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. The teams at Fiera and Wrenbridge are commercial, proactive and easy to work with, making the underwrite and execution process straightforward. 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.”