Fiera Real Estate UK (Fiera) and Cubex are pleased to announce that they have agreed a €11m development facility with Alpha Property Lending (Alpha) to part-fund the construction of their Grade A c. 8,733m2 logistics scheme, Swindon Trade Park.
Fiera and Cubex secured planning this year for five new trade and two new urban warehouse units. MCS Build has been appointed as the contractor and construction works are due to start imminently with completion targeted for Q4 2024. The finished development will provide seven high-spec units ranging between 278,7m2 and 3,345m2.
The scheme will be targeting BREEAM Excellent, an EPC A rating as well as>10% biodiversity net gain. EV charging points and photovoltaic panels are also incorporated into the design. The site was purchased through the Fiera Real Estate Opportunity Fund V (FREOF V UK).
Chris Button, Head of Investment Management at Fiera, commented “Alpha has been an integral part of completing the financing agreement at Swindon Trade Park, putting us in a prime position to advance forward on this significant industrial asset”.
Joe Downey, Managing Director of Cubex, commented “We are delighted to have concluded this financing with Alpha which will enable us to progress project business plan and deliver a market-leading industrial product for Swindon. We have significant equity available for more speculative industrial and logistics developments in major urban locations, “
Mer Zacbi, Head of Commercial Lending at Alpha, commented “Delighted to be supporting Fiera on a second deal in 2023 with the build of another industrial scheme with exemplary environmental specification and in a location where there is a real supply-demand imbalance for Grade A industrial stock. Fiera has a proven track record in the sector - our first loan with them earlier this year to fund the development of their Bishops Stortford scheme is due to PC shortly with a number of units already pre-let / in advanced negotiations, ahead of business plan. Cubex has also been a pleasure to work with on Alpha Property Lending’s first deal with them. We hope to support further Fiera and Cubex projects in the future given their strong pipeline.”
Fiera Real Estate and Cubex Land were advised by Brotherton and Osborne Clarke. Alpha Property Lending were advised by Burgess Salmon.
Image provided by Monfort.
