February 28, 2024
Harleyford Capital have announced their first urban logistics development site transaction, exchanging unconditional contracts on an 8.5-acre development site in Watford, North-West London, funded in joint venture with Fiera Real Estate (“Fiera”), an affiliate of the USD115bn (AUM) global investment manager Fiera Capital
Harleyford Capital and Fiera will seek to obtain planning permission and speculatively deliver an £80m GDV urban logistics scheme, providing 180,000 sq.ft of institutional Grade A space across 13 units, with Harleyford Capital being responsible for delivery of the project.
The deal, which was exchanged unconditionally and sourced off-market, is the seventh transaction for the Fiera Real Estate Logistics Development Fund (“FRELD”), which completed its second close in Q3 2023 with over £225m of equity commitments. The fund’s strategy is to acquire development sites to deliver small-to-mid box Grade A logistics developments with leading ESG credentials.
Harleyford Capital was founded in 2022 by Dean Harrison and Thomas Mallindine, former directors at global investment manager InfraRed Capital Partners, and Zayn Khamisa, together with Fiera Real Estate. The management team has transacted over £2bn of pan-European Real Estate in previous roles.
Thomas Mallindine, Managing Director: Asset Management at Harleyford Capital commented “We are excited to bring forward plans to deliver an ESG-leading, institutional urban logistics product into a market which has seen a dearth of Grade-A supply over the last cycle with a catchment of over 25 million people within a two-hour drive-time. We look forward to preparing a planning application this year and to commence development as soon as possible.”
Charlie Allen, Head of European Real Estate at Fiera Real Estate commented: “We are pleased to have exchanged this transaction alongside Harleyford Capital and today’s deal, which we expect to be the first of many, demonstrates their capabilities and experience, and we look forward to supporting the team with their growth aspirations going forwards.”
Dean Harrison Managing Director: Investments at Harleyford Capital, commented: “The value proposition in UK logistics has been bolstered by the market correction and we continue to source attractive off-market logistics deals for our partners and investors.”
Harleyford Capital and Fiera were advised by CBRE and Taylor Wessing. The Vendor was advised by David Charles Property Consultants and Perry Holt Property Consultants.